TradeStalker's
R.B.I. Trader's Update
9 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 6:21 pm eastern time, 9/3/2009
The market opened higher on Thursday, and that is when the
highs were made as the ES dropped from 1001.50 (2 ticks
under 1002 resistance) to the 991.75-991.00 support zone in
the first hour. Off of the 991.50 low, the ES rallied back
to 998.50 and then backed off. The pullback held at 995.50
and that was the same range as we had on Thursday afternoon.
A bounce to the 998.50-999.50 "sell zone" stalled out, and a
reversal from 999.00 started a drop to down to 994.25. The
market quickly turned back up, and then pushed through the
996.50 level. A small pullback held right at 996.50, and
then with 30 minutes left in stock trading they rallied up
to 1003.00 by the close.
On Friday there will not be any intraday updates. Most
of the action should occur in the first 90 minutes, and
then thin out the rest of the day. Have a great Labor
Day holiday! The next update will be sent on Monday
night.
The Employment data will be the market mover on Friday.
Right now there is a double bottom at the 991.75-991.00
support zone on the ES, so no serious damage is done unless
that area does not hold. Still, the market should have a
good deal of resistance above if the market rallies in the
early going on Friday. If there is an upside reaction in the
early going, and the move fizzles out and/or quickly
reverses from the 1006.50-1007.50 on the ES, it should set
up a good shorting opportunity. If the market opens lower,
then the ES will need to hold the 998.50-997.75 area,
otherwise a top is likely in place and bounces should have a
hard time holding. Should the market get a good rally going
and the ES gets up to the 1014.50-1015.25, a stalling out
and/or reversal is a good setup for a shorting opportunity.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1002.75-1003.25
1006.50-1007.50
1011.50-1012.00
1014.50-1015.25 ** key
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
998.50-997.75
991.75-991.00
986.00-985.25
975.50-974.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1606.50-1607.50
1611.50-1612.50
1619.75-1620.25
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1598.25-1597.50
1585.50-1584.50
1577.50-1576.75
1568.75-1567.50
September 2009 Dow futures resistance
symbols: emini = ymu9
9341-9347
9382-9386
9419-9423
September 2009 Dow futures support
symbols: emini = ymu9
9310-9306
9252-9247
9218-9212
9098-9091
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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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