TradeStalker's
R.B.I. Trader's Update
6 / 24 / 2009
(Published Since 1996)
...............................................
Dateline: 6:33 pm eastern time, 6/24/2009
The ES gapped open above the key 894.50-895.25 resistance
zone on Wednesday, and it ushered in short covering and new
buying. The move fizzled and reversed from 906.50, just
under our 907.00-907.50 resistance, and gave a pullback to
901.25 before the Fed release. After the release there was
about 10 minutes of back and forth gyrations, then the
market broke to the downside. The ES fell to 891.50 before
firming and then bouncing back a bit in the last hour of
trading
The market has been able to rally back after the Monday
drop, but the short side has offered "easier" setups for the
most part. The market looks like it may go into a trading
range, and if the market can hold together then we will
likely see the end of month upside bias take hold.
Right now it looks like the first good opportunity on
Thursday will be shorting early strength as soon as the move
fizzles. If that plays out and the market falls back to test
the Wednesday afternoon lows, a reversal will set up a
buying opportunity. If the ES drops through the Wednesday
low and can turn up from the 888.25-887.75 area, that could
set up a trade on the long side. If that 888.25-887.75 area
is tested, and the market doesn't quickly reverse, then the
downside could gather some steam. On the other side of the
coin, if the market is going to hold in there, then a move
up to the 902.75-903.50 should not be rejected. A rally back
to that area needs to stick if there is going to be a shot
at reaching the 910.75-911.25 gap area.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
898.75-899.25
902.75-903.50
907.00-907.50
910.75-911.25
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
892.00-891.50
888.25-887.75
884.25-883.75
878-877
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1448.50-1449.50
1454.00-1454.50
1458.50-1459.50
1462.50-1463.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1436.75-1436.00
1432.50-1431.50
1427.00-1426.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8265-8268
8330-8334
8368-8372
8397-8402
September 2009 Dow futures support
symbols: emini = ymu9
8204-8200
8168-8164
8126-8122
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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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