TradeStalker's
R.B.I. Trader's Update
7 / 13 / 2009
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 7/13/2009
The market opened higher on Monday, but the move was sold
and gathered steam when 880 on the ES was cut through. The
drop took the ES to 871.25, just under the 872.50-872.00
support, then reversed back to the upside. The ES got over
the 880 level, and then held it on a pullback, and then the
ES shot up to 891.25. The move stalled, but the pullback
held above the 888.00 level and went trend-up until stocks
closed. The futures backed off and settled under fair value.
We get the PPI and Retail Sales before the open on Tuesday.
It's also earnings release time for the market. The averages
are in short term uptrends that have had a good tone for the
past couple of trading days. However, with Monday being a
trend day and with my RBI oscillator reaching sell
territory, the market should have some trouble making much
progress on the upside. Odds would be better for some two-
sided trading on Tuesday. At the moment, the market looks
like it will be in decent shape unless the 891.50-890.75
area on the ES is broken and not quickly reversed. If that
area is broken and the market doesn't snap right back, then
the trends could roll back over to the downside.
On Tuesday look to get short if there is early strength and
the move fizzles/reverses from the initial resistance areas.
If that plays out and a pullback can hold the initial
support areas, then that should set up a trade on the long
side. If the volatility picks up, then beware if there is a
sizable move in either direction, as the move likely will
reverse and retrace 1/3 or more of the prior run up or
selloff.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
897.50-898.00
903.50-904.25
908.00-908.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
891.50-890.75
888.00-887.50
884.25-883.75
878.50-877.75
872.25-872.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1446.75-1447.25
1453.00-1454.50
1458.75-1459.75
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1438.00-1437.50
1433.50-1433.00
1427.50-1426.50
1419.25-1418.50
1400.50-1399.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8278-8283
8335-8339
8374-8378
September 2009 Dow futures support
symbols: emini = ymu9
8230-8227
8209-8206
8184-8180
8135-8131
8082-8077
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REMINDER:
Real Time subscribers can view these updates on
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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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