TradeStalker's
R.B.I. Trader's Update
7 / 7 / 2009
(Published Since 1996)
...............................................
Dateline: 6:56 pm eastern time, 7/7/2009
The market opened lower on Tuesday, and kept falling in
trend down action until reaching 882.25 on the ES. The
reversal off of the 882.50-881.50 key support took the ES up
to 888.25, just under the 888.50-889.50 updated resistance
area, and the market backed off once again. The 882.50-
881.50 zone was cut through as the downside picked up some
steam, and after a bounce off of the 878.75-877.75 zone
fizzled, the ES went to 875.25 and then bounced back a bit
into the close.
We had a trend day on Tuesday, with the ES making its high
in the first 5 minutes of stock trading and making its low
with 5 minutes left in stock trading. The trends and
momentum are with the bears at the moment, and it looks like
lower prices are likely coming soon. However, back to back
trend days are not real common so we should expect swings
both ways on Wednesday. The market is also short term
oversold, and the Vix gave a small buy signal at Tuesday's
close.
It looks like to put a dent in the downside momentum, the
888.25-889.00 area on the ES will need to be exceeded, and
then not quickly reversed. The market is vulnerable still
unless that area taken out. If the market didn't make a low
in the final minutes of Tuesday action, then the ES will
need to get turned back up from the 872.25-871.00 area,
otherwise we could see the downside accelerate.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
882.75-883.00
888.25-889.00
892.25
896.00-896.50
900.50-901.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
876.00-875.50
872.25-871.00
865.00-864.50
852-846 {band on SP500 Cash}
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1413.00-1413.75
1419.75-1420.50
1424.50
1432.25-1434.00
1440.00-1441.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1402.00-1401.00
1396.50-1395.50
1380.50-1379.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8156-8160
8193-8199
8234
8283-8289
8329-8334
September 2009 Dow futures support
symbols: emini = ymu9
8089-8085
8057-8052
7987-7983
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.
www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899
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)
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