TradeStalker's
R.B.I. Trader's Update
6 / 10 / 2009
(Published Since 1996)
...............................................
Dateline: 7:56 pm eastern time, 6/10/2009
The market gapped up on Wednesday and the ES reversed from
950.50, just 1 point under the 951.50-952.00 key resistance
(top of the range) in the first 5 minutes. That "fade" set
up a move down to 927.00, just 1 point over the 926.00-
925.50 key support (bottom of the range) before there was a
decent bounce. The initial bounce fizzled/reversed at the
60ema on the 5 minute chart, and the ES pulled back from
935.50 to 930.75 but with 30 minutes left in trading the
upside got going again and the market closed well off of the
lows.
NOTE: On Thursday we roll over to the September
futures, as they are the new front month. The root
symbol is now "U" so that is ESU9, NQU9 and YMU9
for the futures listed in the support and
resistance tables.
The market remains range-bound, as the ES tested the top and
bottom of the now 8 day old range on Wednesday. This
churning has gotten the RBI Buy gate open by a tiny amount.
If there were a few other indicators in the same position,
then the odds of a good rally would be high. However, most
of the other indicators are neutral and sentiment is overly
bullish, so the indicators are pretty much a wash.
On Thursday we get the Retail Sales and Initial Claims
before the open. If there is further upside on the open, the
early move should be reversed in the first 20-40 minutes of
trading on Thursday. If the market drops to retest the
Wednesday low areas, it will need to quickly reverse back up
or there could be a bit of "get me out" action as the bottom
of the range finally breaks.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
937.00-937.50
942.00-942.50
946.00-947.00
951.50-952.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
929.50-929.00
925.75
923.00-922.00
918.50-918.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1496.50-1497.00
1501.50-1502.00
1508.00-1509.00
1515.75-1516.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1482.25-1481.50
1476.25
1473.00-1472.50
1467.00-1465.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8709-8712
8762-9766
8782-8788
8838-8842
September 2009 Dow futures support
symbols: emini = ymu9
8652-8648
8611
8585-8581
8536-8532
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REMINDER:
Real Time subscribers can view these updates on
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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
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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