TradeStalker's
R.B.I. Trader's Update
7 / 22 / 2009
(Published Since 1996)
...............................................
Dateline: 6:07 pm eastern time, 7/22/2009
The ES opened down 8 points on Wednesday, and the move was
reversed from the get-go. The ES rallied 10 points to the
954.00-954.50 initial resistance area, and a double top was
made. The ES fell to the 947.75 support and bounced again,
and after breaking out of a triangle pattern the ES ran up
to 956.75. A double top was made there, and then the market
went into a choppy trend down move into the close.
On Thursday we get Initial Claims before the open, and then
the Existing Home Sales 30 minutes into the trading day. The
market action on Wednesday was the first real sign of
weakness in quite some time. Volatility should be returning.
The action was two-sided and a bit tricky as the ES had a
number of swings intraday. The ES made these moves intraday
on Wednesday:
944.50 -9.50
954.50 +10.00
947.75 -6.75
953.50 +5.75
949.25 -4.25
956.75 +7.50
950.75 -6.00
954.25 +3.50
948.25 -6.00
The weight of the evidence from the daily indicators says a
short term top should be in place. The Nasdaq looks
especially vulnerable if there is a selloff.
On Thursday the market would need to get over the initial
resistance areas and not quickly reverse, to get back into
uptrends. Even if that occurs, the bounces will have trouble
holding. If there is early strength, the move should set up
a very good shorting opportunity, especially if the move is
rejected from the initial resistance areas. If the market
opens lower, a rebound should occur in the first 45 minutes
of trading. If it stalls out under the 952 level on the ES
and 1560 on the NQ, then the market is weak and there is
more to come on the downside.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
953.75-954.25
956.50-956.75
963.50-964.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
948.25-947.75
944.75-944.25
940.25-939.25
937.25-937.00
933.00-932.75
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1564.75-1565.25
1570.50-1571.25
1576.75-1578.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1556.75-1555.50
1549.50-1548.75
1542.50-1542.25
1536.50-1535.50
1525.50-1524.50
September 2009 Dow futures resistance
symbols: emini = ymu9
8864-8868
8902-8907
8974-8978
September 2009 Dow futures support
symbols: emini = ymu9
8818-8816
8791-8788
8766-8762
8732-8728
8708-8702
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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