TradeStalker's
R.B.I. Trader's Update
7 / 06 / 2009
(Published Since 1996)
...............................................
Dateline: 6:43 pm eastern time, 7/06/2009
The early weakness was reversed on Monday, but the bounce
fizzled and reversed after just missing closing the gap on
the daily chart. That set up a shorting opportunity, and the
ES tumbled from 892.00 to 882.00 before the bleeding
stopped. That was right at our second support zone at
882.50-881.50 on the ES, and was a great spot to cover
shorts and after reversing it was time to begin nibbling on
the long side with a tight stop. The ES rallied to 888.00,
then pulled back to updated support at 895.00 before turning
back up. The run-up tested the 892.00 high for the day, but
after making a little double top, the pullback held the 888
updated support and then went range-bound going into the
last hour. With 30 minutes left, the ES dropped to 887.25
and quickly reversed, bringing in buying and short covering,
as the blue chips rallied to new highs for the day in the
last 5 minutes of trading.
The ES fell to a key support on Monday, and was able avoid a
late spill by reversing and rallying back to the initial
resistance zone. Both the highs and lows from Monday's last
45 minutes of futures trading should be important. A drop
back to the 887.50-887.00 area would need to quickly
reverse, otherwise the end of day rebound back to the
896.25-896.75 resistance was forced buying, and not a solid
rally that was able to stick.
On Tuesday we get the Initial Claims before the open. Look
for early strength to reverse in the first 20-40 minutes to
set up a shorting opportunity. If that plays out, the first
pullback needs to hold at the initial support areas. If that
occurs, then the upside should still be intact for more to
go on the upside. If those areas are not held, then the
887.50-887.00 area on the ES would need to be quickly
reversed if tested, otherwise a test and possible break of
the Monday lows could be in the cards.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
896.25-896.75
900.25-901.25
905.75-906.50
908.25-909.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
891.75-891.25
887.50-887.00
882.50-881.50
878.50-877.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1441.50-1442.75
1448.75-1449.25
1454.50-1455.25
1461.50-1462.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1437.00-1436.25
1430.75-1430.00
1422.50-1421.25
1414.50-1413.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8283-8289
8329-833
8374-8379
8397-8404
September 2009 Dow futures support
symbols: emini = ymu9
8241-8239
8214-8210
8149-8144
8127-8123
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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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