TradeStalker's
R.B.I. Trader's Update
7 / 05 / 2009
(Published Since 1996)
...............................................
Dateline: 5:33 pm eastern time, 7/05/2009
The market was vulnerable coming into Thursday, and the day
started with a gap down open of about 12 points on the ES.
After falling to 896.75, the market traded sideways going
into the last hour of trading. The market broke to the
downside, bounced back to the breakdown area, then fell
again to make a low in the last 5 minutes of trading.
Lately, after getting hit hard like what happened on
Thursday, the market has come roaring back. However, the
ominous looking daily pattern broke to the downside very
hard, and in the process the Dow and ES also painted "head
and shoulder" tops and broke the "neckline" on Thursday's
close. A snap-back rally could occur soon, especially given
that the closing Trin was above 3 on Thursday, closing at
3.24. A move back to the initial resistance that fails would
set up a good shorting opportunity. A buying opportunity
won't be a low risk opportunity unless there is a reversal
from the 878.50-877.50 zone on the ES. If the market gets
there and still can not reverse, then we could see the 852-
846 area in fairly short order in this downdraft before the
market gets set for what potentially could become a good
buying opportunity.
Look for early weakness to be reversed in the first 20-40
minutes of trading on Monday. If that plays out, then a
rebound should take the ES no higher than the initial
resistance before being rejected. If the market does rally
through the initial resistance, and not quickly reverse,
then a rally *could* have a chance of filling the gaps from
Wednesday / Thursday before the downside reasserts itself.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
896.25-896.75
900.75-901.50
905.75-906.50
916.50-917.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
889.75-888.75
882.50-881.50
878.50-877.50
873.75-872.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1450.50-1451.25
1454.50-1455.25
1461.50-1462.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1339.00-1338.50
1332.00-1331.25
1324.50-1323.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8264-8268
8289-8293
8339-8344
September 2009 Dow futures support
symbols: emini = ymu9
8215-8209
8161-8157
8127-8123
CLICK HERE for FREE Trading Articles and Videos!
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)
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.
*************************************************
No comments:
Post a Comment