TradeStalker's
R.B.I. Trader's Update
7 / 12 / 2009
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 7/12/2009
Friday gave us several nice opportunities in both
directions. The ES opened down 6.50 points and at the
872.25-871.00 support zone. We got a nice bounce from 872.00
to the 880.25 level, which reversed and gave another drop.
The ES reached 872.50 and reversed back up but after getting
to the 879.00 level, the move stalled and reversed back to
the downside. The drop took the ES to a lower low at 868.75
and then the market started a labored move higher. The ES
made it to 876.75, the middle of the updated 876.50-877.00
area, then fell to the updated/key 872.00 level. That set up
a scalp long that reached 875.00 before backing off. That
872 level was a floor then for a run up to 877.75 and then
the market backed off into the close.
The market has basically gone sideways for 3 days, with the
action being contained mostly between 870 on the bottom and
880 on top. For now it looks like the 872.25-872.00 area
will need to hold to avoid a drop that tests or takes out
last week's lows. The market action has not been very good
with exception of the early Friday action. If this narrow
range action down here is just working off the oversold
status, then we can see that 852-846 zone soon.
On the other side of the coin, if Friday's action was basing
over the 872 level and keeping the market from falling
apart, then we should see a good rally right from the open
on Monday. If that occurs and the market is strong, then the
move should not have trouble getting over the 880 level and
holding. If there is another failure to break and hold over
the 880 level, the reversal could be a sharp one. However, a
rally that sticks should test the old 888.25-889.00 area
before a reversal begins.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
878.00
882.50-883.50
888.25-889.00
892.50-893.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
872.25-872.00
869.00-868.75
862.25-861.50
858.50-858.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1420.25
1426.25-1426.50
1431.25-1432.00
1438.25-1439.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1413.50-1412.50
1409.50-1408.50
1402.50-1401.50
1395.50-1394.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8113
8171-8174
8221-8226
8259-8263
September 2009 Dow futures support
symbols: emini = ymu9
8059-8056
8045-8043
7997-7993
7944-7941
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Good Trading,
Mike Reed
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