TradeStalker's
R.B.I. Trader's Update
6 / 4 / 2009
(Published Since 1996)
...............................................
Dateline: 5:41 pm eastern time, 6/4/2009
In last night's update I stated:
"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."
The early game-plan worked out perfectly. The market opened
higher on Thursday and the early strength was sold as the ES
stalled and reversed from 935.75 about 15 minutes into the
trading day. The drop took the ES down to the pivotal
928.00-927.50 area, and then turned back up. The ES stalled
and made a little double top at 938.00 and then gave a pull
back to updated support at the 933.50-932.50 area. Buying
came in and the ES rallied to 941.75 by 2pm. That was a lid
and the ES backed off to 938.00 and then turned back up. In
a very ragged and choppy fashion, the market worked its way
back to make token higher highs in the final minutes of
stock trading.
We get the Jobs data before the open on Friday, and that
will dictate the early action. For now, it looks like the
market needs to stay over the initial support areas to avoid
turning the trends from up to down. On the other side of the
coin, a move over the initial resistance that isn't quickly
reversed could give the ES a run to test the 947.25-948.00
area. The market has been coming back after all of the sell-
offs and made higher highs. Another failure and reversal
from near the 950 area could start another sizable selloff
short term.
If there is a gap up open on Friday and it's less than 4
points on the ES, look for a shorting opportunity to start
the day. If there is a gap up greater than 4 ES points, then
it could cause a squeeze towards the 950 level. On the
downside, if the 938.25-938.00 area is broken, and not
reversed, then the market could be in for a down day and
shorting bounces would offer the better odds trades.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
941.75-942.00
947.25-948.00
950.25-952.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
938.25-938.00
933.75-933.00
928.00-927.50
923.00-922.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1493.75-1494.75
1499.75-1501.50
1504.75-1506.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1486.00-1485.25
1481.25-1480.50
1477.50-1476.75
1470.25-1469.50
June 2009 Dow futures resistance
symbols: emini = ymm9
8743-8748
8787-8794
8821-8828
June 2009 Dow futures support
symbols: emini = ymm9
8712-8708
8669-8664
8626-8621
8587-8583
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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.
www.TradeStalker.com
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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