TradeStalker's
R.B.I. Trader's Update
7 / 23 / 2009
(Published Since 1996)
...............................................
Dateline: 6:22 pm eastern time, 7/23/2009
The market opened higher on Thursday and went trend up into
the early afternoon. After reaching 976.25 early afternoon,
the ES backed off to 972.25 and bounced back. The bounce
reached 976.50 on the ES and fizzled. With a stretched out
market losing momentum, the market reversed and the ES fell
to 968.50 just before settlement.
The late day dumping of stocks could be the start of
something. At the best, the market should have a hard time
holding its gains on Friday. The market closed in new high
ground, but the internal gauges are either short term
overbought, or showing a bearish divergence. Also, while the
market was up during the day the Vix was up also. On the
drop, it also dropped. That sentiment expects another rally,
but if it does not occur on Friday then the Vix will flash a
bunch of sell signals.
On Friday, a lower open will likely set up a bounce in the
early going. However, the first decent bounce should set up
a very good shorting opportunity when the upside
stalls/reverses. If the ES reaches the 973.25-973.75 area or
a bit lower and reverses, then the market is weak and the
bounces should set up shorting opportunities.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
968.50-969.00
973.25-973.75
975.50-976.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
963.00-962.50
955.00-954.50
948.25-947.75
944.75-944.25
940.25-939.25
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1583.00-1583.75
1597.50-1598.25
1603.00-1604.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1574.50-1573.75
1564.00-1563.25
1556.75-1555.50
1549.50-1548.75
1542.50-1542.25
September 2009 Dow futures resistance
symbols: emini = ymu9
8993-8995
9022-9025
9054-9059
September 2009 Dow futures support
symbols: emini = ymu9
8953-8950
8868-8864
8818-8816
8791-8788
8766-8762
CLICK HERE for FREE Trading Articles and Videos!
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
This publication's primary focus is trading the index
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
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.
*************************************************
No comments:
Post a Comment