TradeStalker's RBI Update 09/15/09

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TradeStalker's

R.B.I. Trader's Update

9 / 15 / 2009

(Published Since 1996)

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Dateline: 6:36 pm eastern time, 9/15/2009

We came into Tuesday looking to short early strength when
the upside fizzled, and the ES reached 1047.50 just 16
minutes into the day and then dropped to the 1038.50-1038.00
zone before the first hour was over. From the 1038.25 low,
the ES rallied to the 1049.50-1050.25 zone. A 1-2-3 top was
made off the 1050.00-1049.50 levels, and the ES dropped to
1046.25 before turning back up. That was just over the
1045.50 updated support, and then one last sprint higher
followed. The move stopped right at the 1052.00-1052.50
updated resistance, then reversed and sold off into the
close.

The market traded by the support and resistance zones again
on Tuesday. The late selloff from the 1052 level on the ES
leaves the market looking vulnerable for further weakness.
The ES made an island type of top on the daily chart. The
SP500 cash and futures are in a big rising wedge pattern, so
if sentiment shifts we could see a decent sized selloff.

On Wednesday we should get two-sided action, but nothing
good happens unless the ES can get over 1050 and hold.
Another rejection of that area would mean trouble ahead. On
the downside, the key area is still at the 1038.50-1038.00
zone on the ES, and it must hold to avoid a topping pattern.


December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9

1049.50
1051.50-1052.25 **strong
1058.00-1058.50

December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9

1044.50-1044.25
1041.50-1041.00
1038.50-1038.00 **pivotal

December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9

1699.50
1701.75-1702.50 **strong
1709.75-1710.50

December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9

1692.00-1691.00
1689.75-1689.00
1685.75-1684.50 **pivotal

December 2009 Dow futures resistance
symbols: emini = ymz9

9644
9652-9656 **strong
9711-9715

December 2009 Dow futures support
symbols: emini = ymz9

9592-9588
9548-9544
9523-9520 **pivotal

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Mike Reed
TradeStalker.com

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