TradeStalker's
R.B.I. Trader's Update
7 / 15 / 2009
(Published Since 1996)
...............................................
Dateline: 7:31 pm eastern time, 7/15/2009
**Due to a family outing on Thursday, there will
not be any intraday updates on Thursday. If there
is a "rain out" then I will be here, but barring
that, the next update will be sent on Thursday
night.**
The ES gapped up 12.50 points on Wednesday and didn't stop
as the market traded in a steady grind higher throughout the
day until the last hour. After getting to 930.75, the ES
reversed back down through 930.00, and that set up the only
decent pullback for the day. The last update stated, "If the
move reaches the 930 level and reverses, it is a shorting
opportunity" and the ES fell to 926.00 before turning back
up. The ES reached 930.25 on the bounce and it was reversed
again as the futures sold off into settlement.
The market looks like it topped on Wednesday after reversing
the 930 level twice. Wednesday was also a strong trend day,
and they are usually not followed by another trend day. To
go with that, my internal gauges have reached extremely
overbought readings. The 3 day thrust is at +.88, one of the
most overbought readings I can remember on that indicator.
Also, my RBI oscillator is in a strong sell position. To go
with that, the Vix reversed on Wednesday and that has 3 of 5
possible sell signals in force. The closing Trin on
Wednesday was a minuscule .34. If the internals were
flipped, it would be like getting a closing Trin of 3.09 on
a big down day. Lastly, the NYSE breadth had more than 2000
advancing issues and less than 1000 declining issues for 3
straight days. Odds are heavily in favor of lower prices on
Thursday.
If you carried over shorts per the instant message room
update, we should be in good shape for the early going. For
now the market is a short as long as the 930 level on the ES
is broken and held. Look for shorting opportunities on the
bounces until the ES reaches the 920.00-919.50 area, where
the market will hold and start a decent bounce if it's not
falling apart.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
930.25-930.75
934.25-935.00
941.75-942.25
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
926.00-925.50
920.00-919.50
916.00-915.50
906.00-905.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1449.50-1500.25
1504.75-1505.25
1511.00-1512.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1494.75-1494.25
1485.00-1484.25
1479.50-1478.75
1470.25-1468.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8573-8676
8706-8711
8731-8735
September 2009 Dow futures support
symbols: emini = ymu9
8539-8536
8455-8452
8430-8426
8369-8365
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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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