TradeStalker's
R.B.I. Trader's Update
7 / 9 / 2009
(Published Since 1996)
...............................................
Dateline: 7:16 pm eastern time, 7/9/2009
We were shorting early strength, then taking cover and
getting long on the first decent pullback. The ES popped up
on the open and reversed from 882.25, just under the 882.75-
883.50 resistance zone. The ES dropped 6.50 points to 875.75
before a stall/ reversal came from. After that, the market
chopped its way higher until there were 90 minutes left in
stock trading. Then off of the 884.50 high the ES made a
little 1-2-3 top and fell to 876.75 before bouncing. The
bounce didn't stick and the ES fell from 880.75 to retest
876.75 and then firmed into the close.
The market is still short term oversold, and it did try to
base out for another bounce at Thursday's close. However, it
doesn't look like there is a whole lot of upside potential
from here just yet. If the market slips under the initial
support areas and cannot quickly reverse back to the upside,
then a drop back to the 872 area would be the next support
area that would need to hold to avoid a bad end to the week.
On the other side of the coin, if the late Thursday lows
were little double bottoms that are setting up a rally, they
will not be broken and a rally will start early. If that
occurs, then beware that a rally will likely fail and
reverse as soon as the upside fizzles out. A turn from a
resistance area would set up a good short if that
stall/reversal occurs. If the market has a good day, the ES
could revisit the 888.25-889.00 area and possibly make it to
the 892.50-893.00 area before the move is reversed.
So it looks like the market will be "okay" as long as the
initial support holds, or is quickly reversed if broken. If
the market opens lower, but turns up from initial support,
it should set up a trade on the long side. If the market
rallies early, beware that there are plenty of "trapped"
longs that would welcome good strength to sell into.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
879.00-879.50
884.00-884.50
888.25-889.00
892.50-893.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
877.00-876.50
872.25-871.00
865.00-864.50
858.50-858.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1414.50-1415.00
1420.75-1421.50
1424.25-1425.00
1428.25-1429.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1409.50-1409.00
1402.50-1401.50
1395.50-1394.50
1386.75-1386.00
September 2009 Dow futures resistance
symbols: emini = ymu9
8132-8136
8178-8182
8221-8226
8259-8263
September 2009 Dow futures support
symbols: emini = ymu9
8111-8108
8080-8076
8039-8035
7981-7977
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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.
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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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