TradeStalker's
R.B.I. Trader's Update
6 / 14 / 2009
(Published Since 1996)
...............................................
Dateline: 5:56 pm eastern time, 6/14/2009
The market opened lower on Friday and continued lower until
reaching 931.25 on the ES about 30 minutes into the trading
day. The market bounced back, but the move fizzled just
under the 940 level and the market pulled back. The market
went range-bound, then broke out over the 940 level. The
initial resistance at the 942.00-942.50 area was a lid, and
from 942.50 the ES made a quick drop to 937.25 with 15
minutes left in stock trading. The move quickly reversed and
the market rallied into the close.
The SP500 cash and futures have traded in a 30 point range
for 10 straight days now. The way the market is acting, a
pullback to see if the low end of the range is likely this
week. The low volatility at a high often precedes a trend
reversal. For now, a trip back down towards the low end of
the range would be a buying opportunity IF there is a
reversal. On the other side of the coin, if the market gets
back to the top of the range around the 952.75-954.00 area
on the ES and the move stalls out, it should set up another
sizable drop. A break out to the upside in the current
market status would likely fail. At the most, if the last
week's highs are exceeded and not quickly reversed, then
there should be pretty good resistance around the 961-963
area on the SP500 cash that would be sold.
On Monday look to short early strength if the move
stalls/reverses from near the 946.00-946.50 area on the ES.
If the market opens lower, then be on the lookout for a
reversal from the 934.25-934.00 area to set up a buying
opportunity. If that area is not defended, then the market
could be in for another sizable drop on Monday.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
942.25-942.75
946.00-946.50
949.50-950.25
952.75-954.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
937.75-937.25
934.25-934.00
930.50-929.75
926.25-925.75
923.00-922.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1488.00-1489.00
1495.75-1496.75
1502.00-1502.50
1507.50-1508.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1480.00-1479.25
1476.25-1475.25
1472.00-1471.25
1468.50-1468.25
1460.75-1459.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8755-8758
8799-8802
8832-8838
8862-8866
September 2009 Dow futures support
symbols: emini = ymu9
8703-8697
8691-8687
8662-8658
8611-8608
8585-8581
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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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