TradeStalker's
R.B.I. Trader's Update
6 / 18 / 2009
(Published Since 1996)
...............................................
Dateline: 5:55 pm eastern time, 6/18/2009
The market opened a bit higher on Thursday, and the early
strength was immediately sold as the ES dropped from 908.50
to 903.50 in the first 10 minutes of trading. The market
reversed in front of the economic data release, and the data
was the spark the market needed to get going. The oversold
bounce took the ES to 917.75 (918.00-918.75 was the second
resistance zone) then dropped again to test the updated
support. That held and a snapback to 917.50 was reversed and
then the market dropped into the close.
The oversold status of my indicators was mostly worn off
after the Thursday action. Friday is a triple witch
quarterly expiration, and these days can be very tricky. The
two-sided action will likely continue on Friday, as neither
side is sticking. When the bounces have rallied for 20-30
minutes and then fizzle, it sets up good shorting
opportunities. It's been close to the same with the drops,
as they set up buying opportunities when the downside stalls
and/or quickly turn around. Expect the same environment on
Friday and don't get married to either side yet until this
expiration is over.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
917.50-918.25
923.50-924.00
928.00-928.75
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
911.00-910.50
904.50-903.50
898.00-897.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1461.50-1462.75
1469.50-1470.25
1474.75-1476.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1446.50-1446.00
1438.50-1437.50
1432.50-1431.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8541-8547
8583-8589
8637-8642
September 2009 Dow futures support
symbols: emini = ymu9
8476-8472
8425-8420
8402-8397
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
This publication's primary focus is trading the index
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
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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
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is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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