TradeStalker's
R.B.I. Trader's Update
6 / 25 / 2009
(Published Since 1996)
...............................................
Dateline: 6:06 pm eastern time, 6/25/2009
The early game plan was to sell early strength (didn't get
that) then look for a trade on the long side, stating if:
"...the market falls back to test the Wednesday
afternoon lows, a reversal will set up a buying
opportunity."
The ES opened lower and after reaching 891.25 it reversed.
The ES paused at resistance, but the dip held over updated
support and the trend up continued. After reversing from
917.75 the ES fell more than 5 points, changing the trend-up
dynamics as the ES pulled back to 910.25 before bouncing.
The ES went up to the 915.50 updated resistance and
reversed, but the drop to 909.50 was also reversed and the
market rallied back to test the highs by the close.
The daily indictors are just a day away from getting to
overbought extremes. Meanwhile, the VIX fell to a new low
for the year on Thursday. It was in the same situation last
Friday, and the result was a hard selloff. The market put
together a good rally on Thursday, and now the double bottom
at the 892.50-891.50 zone on the ES is a critical support
that shouldn't be seen again this month unless there is
something wrong.
On Friday we should get two-sided action, and not another
trend day. If there is early strength, look for a shorting
opportunity if there is a stall/reversal in the first 20-40
minutes of trading. If that plays out, the first decent
pullback should be a buying opportunity if the 909.50-909.00
area on the ES can hold. If it doesn't, then shorting the
bounces will turn into the better odds trades.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
917.50-918.00
922.50-923.25
925.75-926.25
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
913.25-912.75
909.50-909.00
905.50-905.00
899.50-898.50
892.50-891.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1476.75-1478.00
1483.50-1484.50
1489.00-1489.75
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1470.50-1469.75
1464.75-1463.75
1458.75-1458.00
1452.00-1451.00
September 2009 Dow futures resistance
symbols: emini = ymu9
8432-8435
8483-8487
8502-8507
September 2009 Dow futures support
symbols: emini = ymu9
8396-8393
8362-8357
8310-8306
8268-8263
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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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