TradeStalker's
R.B.I. Trader's Update
6 / 7 / 2009
(Published Since 1996)
...............................................
Dateline: 4:20 pm eastern time, 6/7/2009
We nailed the early action once again on Friday. The gap up
strength reversed from the 950.25-952.00 resistance zone and
then dropped 18.75 points to make a direct hit on the
933.75-933.00 support zone. Per usual of late, that first
good drop was a buying opportunity and the market worked its
way higher. However, the move stalled out at updated
resistance at 946.00 on the ES and it dropped 10+ points to
934.50 before a bounce. The run-up was sold and then the
market churned into the close.
The market made new highs for the move on Friday's open, and
then after selling off for 45 minutes the market spent the
rest of the day going up and down and back up again, only to
finish mixed for the day. The daily indicators are still in
neutral, but not too far from a short term oversold status.
The sentiment is getting a bit too bullish however, and a
decent pullback should fix that.
The market doesn't like the "air" in new high ground as the
rallies are not holding. But, let the market have a decent
drop and buyers jump in as soon as the downside stalls and
there is a reversal. When the pullbacks don't find buyers,
things will be changing. Until then, this still looks like a
trading range market for now.
If the market rallies from the get-go on Monday, and doesn't
have any trouble testing the Friday highs, the move will be
a short if the ES goes over 950 again and then crosses back
down through it. However, getting back up there won't be
easy just yet. It looks like a pullback is coming next.
The Friday afternoon lows will need to be defended,
otherwise a drop back to the 928 area would be in the cards,
and a place where the market should reverse if it is going
to stay range-bound. If that area is broken, and not quickly
reversed, then things might be changing for a few days at
least. The bounces will be shorting opportunities then when
the pops fizzle.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
945.50-946.00
951.50-952.00
956.00-958.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
938.50-938.00
934.00-933.50
928.00-927.00
923.00-922.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1498.00-1499.00
1506.00-1507.00
1513.00-1514.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1489.00-1488.00
1479.00-1477.00
1470.00-1469.00
1458.00-1457.00
June 2009 Dow futures resistance
symbols: emini = ymm9
8800-8805
8828-8835
8850-8860
8900
June 2009 Dow futures support
symbols: emini = ymm9
8736-8730
8700-8690
8670-8660
8615-8610
8560-8530
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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
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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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