TradeStalker's
R.B.I. Trader's Update
6 / 1 / 2009
(Published Since 1996)
...............................................
Dateline: 8:22 pm eastern time, 6/1/2009
The market gapped up over the Friday highs on Monday and the
uptrend kept going until the last hour of trading. The ES
reached a new recovery high at 947.25 and then pulled back 8
points to 939.25 (coinciding with the 60ema on 5 minute
chart) while the Dow cash held just over 8700 and buying
came back in. The market went up to test the highs then sold
off into the close.
The short term internal gauges are at extremes. My 3 day
thrust reached +.76, *very* overbought, and the Vix gave 1
sell signal on Monday. So at the least, more upside should
be difficult very short term. The momentum is strongly to
the upside, but a decent pullback is due from up here.
Look for early strength to be sold on Tuesday, and then the
first good pullback should set up a buying opportunity. For
now the ES needed to get over 950 and not quickly reverse
back down to get another squeeze going. If that doesn't
happen, odds favor a decent pullback first.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
946.75-947.25
951.25-952.50
956.00-956.50
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
938.50-938.00
932.50-932.00
927.75-927.00
918.00-917.50
911.50-910.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1481.50-1482.25
1488.75-1490.50
1494.75-1496.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1469.50-1468.50
1457.75-1456.50
1443.50-1442.75
1435.00-1433.75
1425.00-1423.50
June 2009 Dow futures resistance
symbols: emini = ymm9
8744-8749
8793-8798
8835-8839
June 2009 Dow futures support
symbols: emini = ymm9
8697-8692
8631-8627
8556-8551
8528-8524
8417-8413
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
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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