TradeStalker's
R.B.I. Trader's Update
9 / 17 / 2009
(Published Since 1996)
...............................................
Dateline: 6:11 pm eastern time, 9/17/2009
The market opened slightly lower and then rallied into the
10 am Philly Fed release. A quick spike up to 1071.50 on the
ES was quickly rejected, and the ES fell to the 1062.00
level. A bounce stalled and reversed from 1069.00 on the ES
and then a steady grind lower began. The ES reached 1056.25
before a reversal occurred, and the ES moved up to 1061.75.
That was just under the updated 1062.50-1063.50 zone and the
market pulled back. Buyers stepped back to the plate and the
ES was able to bounce to 1064.50 with about 30 minutes left
in stock trading. The move fizzled out and then the ES fell
to the 1060.00-1059.50 support area 5 minutes before stocks
closed. The ES reached 1059.50 and popped up 3.75 points to
1063.25 before settlement time.
On Friday we get no economic data at all, so it should be a
quiet session although "quadruple witching" may give us some
volatility. The market went both ways on Thursday, as the
NYSE breadth was negative for the first time in the last 10
trading days. The futures settled over fair value, as fear
of missing more upside is greater than fear of more on the
downside. It looks like the market could be going into a
range, or maybe even topping out if there is another run up
towards the 1070 level on the ES and it's rejected.
The market tested support at the 1060.00-1059.50 area on the
ES and turned up late on Thursday. There is not a strong
bias either way, so look to be a seller when the upside
sprints stop or stall out, as a tradable pullback should
follow. On the other side of the coin, if there is a shallow
drop, and that 1060.00-1059.50 area on the ES is held, the
market should be okay and the bulls will stay in control. If
it is not held, then the market is likely topping out but
could still mount a rally if a double bottom is made around
the 1056.50-1056.00 area. Just beware that the bounces will
likely not be able to hold, especially if the 1070 area on
the ES is tested.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1065.50-1066.00
1071.50-1072.25
1078.00-1078.75
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1060.00-1059.50
1056.50-1056.00
1053.50-1052.50
1050.50-1049.75
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1723.50-1724.50
1728.75-1730.50
1736.50-1737.25
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1717.00-1716.25
1712.50-1711.50
1704.00-1703.00
December 2009 Dow futures resistance
symbols: emini = ymz9
9759-9762
9797-9801
9848-9853
December 2009 Dow futures support
symbols: emini = ymz9
9709-9704
9692-9689
9662-9658
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
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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
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This is not an endorsement or recommendation of the SP500
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