TradeStalker's
R.B.I. Trader's Update
6 / 23 / 2009
(Published Since 1996)
...............................................
Dateline: 6:03 pm eastern time, 6/23/2009
In last night's update I stated that early strength would
set up a good shorting opportunity and the ES went to 894.50
resistance and reversed about 30 minutes into trading. The
ES then fell to 884.25 and got turned around. The bounce
stalled and reversed from just under the key resistance, and
from a 893.50 bounce high the ES dropped to the updated
support at the 888.00-887.50 zone. There was a reversal from
887.75 but it failed at a slightly lower high and dropped to
888.00 again. Another run up to 893.50 failed again and the
market dropped back to the bottom of that range by the
close.
We get the Fed policy statement on interest rate policy on
Wednesday. The daily indicators are slightly oversold, but
nothing is at a big extreme. The sentiment changed with
Monday's decline, and now it is also near neutral. On Fed
days, if there is a trending move for most of the day going
into the release, there tends to be a reversal. If that
doesn't occur on Wednesday, then it will mean more of the
two-sided action within the Tuesday range going into the
release. After the release, there should be a quick move in
both directions, and then the market finds a trend that
continues until the very late action. Look for that type of
action after 2pm on Wednesday.
So, on Wednesday look for early strength to be sold if the
upside stalls/reverses from the 892-893 area on the ES. If
the market opens lower, then beware of a reversal back to
the upside if the 888.25-887.75 area is held. If that area
is not held, then a move down to the 882.50-881.50 area that
then reverses should provide a decent bounce and trade on
the long side. After the release, the market should find a
trend after about 15-20 minutes and it should be one to
latch on to into the last 30 minutes or so of futures
trading.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
893.00
894.50-895.25
898.75-899.50
907.00-907.50
910.75-911.25
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
888.25-887.75
882.50-881.50
877.75-876.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1428.75
1434.50-1435.50
1438.50-1439.25
1447.00-1448.00
1457.50-1458.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1417.00-1416.50
1412.25-1400.50
1404.50-1403.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8292
8310-8313
8348-8351
8437-8442
8463-8468
September 2009 Dow futures support
symbols: emini = ymu9
8248-8244
8235-8230
8198-8191
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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.
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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The foregoing has been prepared solely for informational
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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
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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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