TradeStalker's
R.B.I. Trader's Update
5 / 31 / 2009
(Published Since 1996)
...............................................
Dateline: 5:39 pm eastern time, 5/31/2009
The market started last week on the downside, then rallied
into Wednesday afternoon. A sharp drop was bought on
Thursday morning, and after a rally reversed early Friday
morning the market went sideways until the last 10 minutes
of stock trading. The ES ran up 18 points in 10 minutes and
then backed off into the close.
The daily indicators are a day away from getting to
overbought extremes, as are the sentiment gauges. Also, if
the Vix turns up on Monday it would give a number of sell
signals. So heads up on chasing further strength, because if
there is a reversal, it could be sharp. The only bigger
picture negative on Friday is that the internals are not
ahead of price.
So, if the market doesn't falter right away on Monday but
instead can put together a decent bounce first, the odds of
a reversal and subsequent decent selloff should be high. On
the downside, a drop should hold at, or above, the 911.50-
910.50 area on the ES and the 1423.00-1421.75 area on the NQ
to stay out of trouble.
On Monday look for early strength to be sold, and then the
first good pullback should set up a buying opportunity as
long as those support areas are held. If they are not held,
then the bounces will be shorting opportunities as the
market is losing its luster.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
922.50-923.00
927.00-928.00
931.50-932.50
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
918.00-917.50
911.50-910.50 **must hold**
906.50-906.00
902.50-901.50 **key, must hold**
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1439.50-1440.00
1443.50-1444.50
1449.50-1450.25
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1434.50-1433.75
1423.00-1421.75
1415.50-1414.75
1412.00-1411.50
June 2009 Dow futures resistance
symbols: emini = ymm9
8530-8533
8555-8559
8604-8609
June 2009 Dow futures support
symbols: emini = ymm9
8528-8524
8417-8413
8385-8381
8356-8352
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http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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