TradeStalker's
R.B.I. Trader's Update
9 / 14 / 2009
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 9/14/2009
The market gapped down on the open on Monday, and the move
was quickly reversed from 1029.50 on the ES (key support was
at the 1030.50-1030.00 area) and then rallied to 1040.00.
That was rejected, but the ES held at 1036.25 and then found
resistance at the 1038.50 level. That was a lid for about 35
minutes. Another dip held, then the 1038.50 level was broken
and held on a pullback. Then around 2 pm the market shot
higher, as the ES rallied to the next resistance area at the
1043.50-1044.00 zone. That was a lid for about an hour, but
the 1041 level held and the trend up move lasted until the
last 5 minutes of stock trading.
The market had a trend up day on Monday, with a low in the
first 5 minutes and a high in the last 5 minutes of stock
trading. The ES and NQ both made new highs for the year,
while the Dow did not. The market continues to be very
resilient, and we got the "sell early, buy the first decent
pullback" both together on the open on Monday. However moves
into new high ground have been sold initially lately, so if
the market tests the Monday highs that move will likely be
sold.
On Tuesday we get the PPI and Retail Sales before the open.
If the market opens higher, the move will set up a shorting
opportunity as soon as the upside stalls/reverses,
especially if the Monday high areas are rejected early. If
that plays out, then the market should set up a buying
opportunity IF the ES can hold the 1041.50-1041.00 zone. If
that area is broken, then a deeper drop is underway. If the
1038.50-1038.00 area is broken, and held on a bounce, then
the trends are rolling over and a drop towards the 1030.50-
1029.50 could be in the cards. The market would need to
reverse quickly from that zone, otherwise there is damage
done to the big picture uptrend.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1044.75-1045.50 **strong early
1049.50-1050.25
1054.50-1055.25
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1041.50-1041.00
1038.50-1038.00 **pivotal
1036.25
1030.50-1029.50 **Major
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1690.75-1692.00 **strong early
1696.50-1697.50
1701.75-1702.50
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1685.75-1685.00
1681.50-1680.75 **pivotal
1678.25
1672.00-1670.50 **Major
December 2009 Dow futures resistance
symbols: emini = ymz9
9569-9572 **strong early
9604-9611
9649-9653
December 2009 Dow futures support
symbols: emini = ymz9
9548-9544
9531-9528 **pivotal
9512
9468-9465 **Major
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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The foregoing has been prepared solely for informational
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