TradeStalker's
R.B.I. Trader's Update
7 / 16 / 2009
(Published Since 1996)
...............................................
Dateline: 6:11 pm eastern time, 7/16/2009
The early strength was sold on Thursday, then after going
sideways for most of the day the upside got in gear with 2
hours left in trading. The ES was able to hold over 930 on a
little pullback, and then rallied to a 940.75 high (just
under 941.75-942.25 resistance) with 15 minutes left in
stock trading. Similar to Tuesday, the late pullback came
from a round number on the ES and they settled well under
fair value.
It looks like the market is in a big trading range, and we
are close to the top side. The SP500 cash closed around the
spot where the last breakdown began in earnest. The
rejection is telling, as lots of supply must be up there.
The ES easily rejected the 940 level and closed poorly. If
the market would get back up to the 940 level again and
reverse, it would set up a very good shorting opportunity.
In fact, that looks like a short term top and there should
be a selloff on Friday. There will not be any damage done
bigger picture unless the ES breaks the 923.50-923.00 area
on Friday and can not quickly reverse. If the ES can hold
and reverse from the 933.50-932.75 area early on Friday,
then the market has a chance to keep its rally going. If
that area is not held, then a top is likely in place as a
test of that 923.50-923.00 area could then be in the cards.
A failure there would be bad news, and start a sizable leg
on the downside.
On Friday look to short a bounce if there is one in the
early going. Odds of a selloff from up here are pretty good,
and a pop up to the initial resistance area that
stalls/reverses would set up a pretty sharp drop. If the
market opens lower, then a reversal from the 933.50-932.75
area would need to occur to keep the trends from rolling
over.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
937.75
940.75-941.25
943.50-944.50
950.50-952.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
933.50-932.75
926.25-925.75
923.50-923.00
919.50-919.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1517.50
1520.25-1521.00
1524.75-1525.25
1532.50-1533.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1508.75-1508.75
1501.50-1500.50
1497.25-1496.50
1492.50-1491.25
September 2009 Dow futures resistance
symbols: emini = ymu9
8678
8691-8694
8726-8730
8782-8787
September 2009 Dow futures support
symbols: emini = ymu9
8630-8627
8557-8552
8531-8528
8485-8482
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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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