TradeStalker's
R.B.I. Trader's Update
6 / 8 / 2009
(Published Since 1996)
...............................................
Dateline: 8:27 pm eastern time, 6/8/2009
We were expecting a pullback on Monday and the gap down open
had us on alert to short the first bounce. That played out
as the ES fell from 933.50 to 925.50 by early afternoon. A
bounce found the updated resistance at 932.00-932.50 tough
to get through in the afternoon. That range was ok for
scalps, giving 2 quick shorts for a few points. The ES then
made a breakout then stayed over the 929 level and gave a
rally to the 945.50-946.00 resistance zone. The
stall/reversal from a 946.50 high set the stage for a 10
point pullback to 936.00 before the close.
The market is still range bound and the rejection from the
initial resistance tells me the upside won't be real easy.
The deep pullbacks also continue to be bought, so the market
doesn't look like it will get hit too hard on another
selloff. The 933.50-932.50 area on the ES should be as far
as a pullback goes, as that area appears to be pivotal. Only
a break and hold under that zone will put the market back to
neutral, and potential entry for a trade on the long side.
On Tuesday expect the first decent rally to be sold in to,
especially an early pop that reverses near the Monday highs.
If that plays out, then the first decent pullback should set
up a buying opportunity. With the market slightly oversold,
and with 1 Vix buy signal given on Monday, the bulls get the
nod as long as the ES holds the 933.50-932.50 area.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
945.50-946.50
951.50-952.00
956.00-958.00
962.00-963.00 **major**
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
933.50-932.50
929.00-928.50
926.00-925.50
918.50-918.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1499.50-1500.25
1505.75-1506.50
1511.75-1512.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1480.00-1478.50
1471.25-1470.25
1466.50-1466.00
1458.75-1458.00
June 2009 Dow futures resistance
symbols: emini = ymm9
8818-8821
8858-8862
8902-8907
June 2009 Dow futures support
symbols: emini = ymm9
8688-8683
8663-8657
8631-8627
8564-8560
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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