TradeStalker's
R.B.I. Trader's Update
6 / 29 / 2009
(Published Since 1996)
...............................................
Dateline: 6:09 pm eastern time, 6/29/2009
The ES popped up on the open, right at the 917.50-918.25 key
resistance, and reversed. That gave a nice short as the ES
dropped 6 points to 911.50 before reversing. The move over
that 917.50-918.25 key resistance held, giving the ES room
to go to the next resistance at the 922.50-923.25 zone. The
ES reached 923.25 and backed off a few times then found a
choppy trading range. A "prairie dog" reversal off of 924.00
started a pullback, and new support at 921.00 was tested.
The ES held at 921.50 and popped back, then fell to 920.25
while the Dow Cash reached 8500 and quickly turned back up.
After a rally back to test the highs, the market fell back
to the afternoon lows and then rallied into the close. The
futures dropped after stocks closed to settle under fair
value.
The market rallied despite being very overbought on Monday,
but after the morning run-up the move ran out of gas. There
is 1 day left in the month and second quarter, and buyers
were stepping to the plate on the dips, so no damage done
just yet. The market would begin to roll over if the Dow
Cash breaks and holds under the 8500 level while the ES does
the same with the 920 level.
On Tuesday we get the Consumer Confidence 30 minutes into
trading. The rallies should still offer a shorting
opportunity when the upside stalls out and begins to turn
over. However, the uptrends will be intact as long as those
support areas are held. If the 920 level on the ES and 8500
level on the Dow are broken, then the 913.25-912.75 area on
the ES and the 1466.75-1465.75 area on the NQ would be key
areas that should be watched for a reversal on a decent
selloff early in the day. If those are reached, and the
market isn't turned back up pretty soon after breaking, then
the market could be in for end-of-quarter selloff.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
923.50-924.00
926.50-927.00
931.50-932.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
920.25-920.00
918.00-917.50
913.25-912.75
909.00-908.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1485.50-1486.00
1492.50-1493.25
1500.50-1502.25
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1478.00-1477.25
1474.00-1473.50
1466.75-1465.75
1461.25-1460.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8474-8478
8499-8503
8538-8543
September 2009 Dow futures support
symbols: emini = ymu9
8444-8440
8413-8409
8365-8362
8342-8337
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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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