TradeStalker's
R.B.I. Trader's Update
6 / 16 / 2009
(Published Since 1996)
...............................................
Dateline: 6:52 pm eastern time, 6/16/20026
The market opened higher on Tuesday and the early strength
was sold as the ES backed away from the 924.00 level. A
pullback to 919.25 was bought, and the market tested its
highs. After getting turned away from 924.00 for the forth
time, the market finally broke lower and a little bit of
panic selling hit the market. The ES bounced off of the 908
support level, but failed at the 912 updated resistance area
and then the market fell to new lows for the day. The ES
reached 906.50 before reversing, and then bounced to the
60ema on the 5 minutes chart before the move fizzled out.
With the trends and momentum favoring the bears, the move
was sold and the market fell into the close.
The daily internal gauges all look worse than prices do at
this time. The short term overbought/oversold indicators are
now at an extreme. In addition, the Vix jumped another 6% on
Tuesday and is set to give several buy signals if it
reverses. So, unless things are really bad, then this
current selloff should be near a low that gives us a decent
oversold bounce. The market looks like it wants to to go
lower first, but a reversal from the 900 area should set up
a trade on the long side. It would also fit the quarterly
expiration games, if they take them down then run them up at
the end of the week.
We get the CPI before the open on Wednesday. If the mkt
opens higher, it's a short as soon as the move
stalls/reverses. If there is follow through selling and the
ES goes down to the 902.00-900.50 zone in the first 20-40
minutes and then turns up, it should be the start of a
decent rebound. However, if the market gets down there and
can not get turned back up, then the market is in for
another bad day. The first good bounce will likely be sold
if the move doesn't have much gusto, so beware of a wimpy
rally reversing.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
913.75-914.00
918.00-918.75
923.50-924.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
906.50-906.00
902.00-900.50
898.00-897.50
884.50-884.00 **if 900 area not reversed**
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1451.50-1452.00
1460.50-1462.00
1467.50-1468.25
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1442.00-1441.25
1437.50-1436.50
1430.50-1428.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8504-8509
8541-8547
8589-8583
September 2009 Dow futures support
symbols: emini = ymu9
8448-8444
8402-8397
8372-8368
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---------------------------
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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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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