TradeStalker's
R.B.I. Trader's Update
6 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 8:03 pm eastern time, 6/3/2009
We came into Wednesday looking for lower prices (and short
from Tuesday if you followed along with me in the "instant
message" room yesterday afternoon) and the ES opened down 7
points. The market bounced off of the 927.75-927.00 zone,
but the move failed and the market rolled back over. It was
trend down to the 923.00 level on the ES, just over the 922-
920 updated support, and the market bounced back. That
bounce stalled and reversed from the 927.50 updated
resistance, and then the market made one more push lower. A
token lower low at 922.50 on the ES was reversed within 30
minutes left in stock trading and rallied back to 932.00
into the close.
The internal gauges are now in neutral ground with
Wednesday's poor performance. It looks like a trading range
could be what we get on Thursday. The Nasdaq looks stronger
than the ES if there is a decent bounce, and it should lead
the action. It held at a higher low intraday on Wednesday,
while the ES and Dow had to reverse from lower lows before a
rally.
If there is early strength, it will set up a good shorting
opportunity. Thereafter, it looks like the initial support
areas should be pivotal. If they hold, then the bulls are in
charge and the market should head back up into the 930's. If
the initial support isn't held, then the 923.00-922.50 area
on the ES will need to hold as that was solid support on
Wednesday.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
931.75-932.25
939.50-940.50
947.00-947.75
950.25-952.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
928.00-927.50
923.00-922.50
918.00-917.50
912.75-912.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1478.00-1478.50
1485.00-1486.00
1494.75-1496.00
1499.75-1501.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1469.50-1468.75
1462.00-1461.25
1456.75-1455.75
1448.50-1446.75
June 2009 Dow futures resistance
symbols: emini = ymm9
8629-8634
8690-8695
8759-8764
8793-8798
June 2009 Dow futures support
symbols: emini = ymm9
8620-8615
8587-8583
8528-8524
8494-8487
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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This publication's primary focus is trading the index
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