TradeStalker's
R.B.I. Trader's Update
9 / 2 / 2009
(Published Since 1996)
...............................................
Dateline: 6:06 pm eastern time, 9/2/2009
Early weakness set up the buying opportunity we were looking
for Wednesday morning, as the ES reversed from 1 tick over
the 991.75-991.00 support zone. From 992.00, the ES ran up
to 998.50 in the first 30 minutes and the move fizzled then
reversed.A quick drop to 991.00 followed, and the ES
immediately turned back up. The rebound took the ES up to
999.50 and that was also unable to stick. The market then
churned sideways between the 998.50-999.50 resistance and
just over the 995.00-994.50 support. That action continued
into the last hour, but the support was broken and the ES
went down to 992.75 before the close.
The daily indicators are very oversold on the short term,
and the Vix closed lower which gave several Vix buy signals.
This could set the stage for a decent rally, however the way
the market is acting, it looks like there is more to go on
the downside before we get a snap-back rally. At the moment,
it looks like the best the ES would be able to do is rally
13 points off of whatever the low turns out to be. So far
991.00 is the pullback low, so if there is a decent run-up
that takes out the initial resistance areas, 1004 area looks
like the maximum on a rally from here.
On Thursday we get Initial Claims before the open and then
ISM number 30 minutes into the day. If the market opens
lower beware of a reversal to set up a quick trade on the
long side. If that plays out, the bounce likely will not be
able to stick and will be a shorting opportunity if the move
fizzles out below the 998.50-999.50 area. If the ES can not
hold the 991.75-991.00 area, then we could see the 986.00-
985.00 zone tested, which is an area that could be reversed.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
999.00-999.75
1002.00-1002.75
1006.50-1007.50
1011.50-1012.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
991.75-991.00
986.00-985.25
975.50-974.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1602.00-1602.50
1605.00-1605.50
1611.50-1612.50
1619.75-1620.25
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1585.50-1584.75
1577.50-1576.75
1568.75-1567.50
September 2009 Dow futures resistance
symbols: emini = ymu9
9324-9327
9337-9341
9382-9386
9419-9423
September 2009 Dow futures support
symbols: emini = ymu9
9260-9258
9218-9212
9098-9091
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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