TradeStalker's
R.B.I. Trader's Update
7 / 01 / 2009
(Published Since 1996)
...............................................
Dateline: 6:02 pm eastern time, 7/01/2009
The market opened higher on Wednesday and after getting to
928.25 on the ES the move fizzled and there was a small
pullback to 924.00. The market traded sideways for awhile,
but unable to get a bounce to hold, buyers backed off and
selling took over as the ES fell to what started as initial
resistance to begin the day. The ES reached 917.75 with 5
minutes left in stock trading, just above the 917.50-917.00
target, and then firmed into the close.
Thursday is the last trading day for the week. We get the
Employment data before the open, which everyone seems to be
waiting for. The pattern on the daily chart looks ominous,
and if the 909.00-908.25 area that was nailed on Tuesday is
tested, and not held, it will put the market under pressure
from a bigger picture viewpoint.
The daily internal gauges are in neutral still, but the Vix
gave a couple repeat sell signals at Wednesday's close.
Also, the end-of-month plus first 2 days of the new month
upside bias is now over. That is where the bulk of most
months gains are made, and now that timeframe has gone away.
On Thursday, the market needs to get over the initial
resistance areas, and hold them on a pullback, to get a good
rally in gear. If that occurs, then watch the 931.50-932.50
area for a reversal / shorting opportunity. If there is
follow through weakness, and the 917.75-916.75 area is
broken and not quickly reversed, then a drop towards the
909.00-908.25 area would need to hold. If that area is
tested, and unable to hold, then a drop to the low 900's or
high 890's on the ES is likely on this leg down.
**NOTE: There will not be any intraday updates emailed on
Thursday. The next update will be sent on Sunday night, July
5th. Enjoy a safe Independance Day Holiday! **
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
922.75-923.25
927.75-928.25
931.50-932.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
917.75-916.75
913.25-912.75
909.00-908.25
902.50-901.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1485.50-1486.00
1496.25-1497.00
1502.50-1504.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1478.25-1477.75
1472.75-1471.75
1466.75-1465.75
1460.75-1459.75
September 2009 Dow futures resistance
symbols: emini = ymu9
8475-8479
8524-8529
8561-8566
September 2009 Dow futures support
symbols: emini = ymu9
8438-8434
8373-8368
8337-8334
8286-8282
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
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.
www.TradeStalker.com
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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