TradeStalker's
R.B.I. Trader's Update
9 / 20 / 2009
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 9/20/2009
The market gapped up on Friday and that strength was sold as
the ES fell from 1067.25 down to 1060.25 in the first 40
minutes of trading and then turned back up. That pop fizzled
at 1064.75, then the market pulled back into early
afternoon. The ES reversed from a 1059.25 low, and then
pushed over the 1062.00 level and held. The move up
continued into the last 30 minutes of stock trading, but the
ES reversed from a double top at 1067.25 then broke the 1064
level. That brought in more selling as the ES went straight
down to 1060.25 just before the close.
The market is not able to hold its gains, and should now be
in a trading range at best. The averages made inside days on
Friday, and traded in very small ranges. The way the day
ended, the market looks vulnerable as there are double tops
on the NQ and lower highs on the Dow and SP500. In order to
get out of potential trouble, the Friday afternoon highs
need to be exceeded, and not quickly reverse again. If the
SP500 closes under 1061.20 on Monday, then it is the first
sign of a change on a bigger picture basis.
On Monday we get the Leading Indicators 30 minutes into the
trading day. If the market opens lower, beware of a reversal
in the early going and then the first decent bounce should
set up a shorting opportunity. Lately, with the market
acting well, early weakness is being bought and a good rally
gets started and it would stick. So, if we get that action
early on Monday, and the market either A: doesn't reverse or
B: bounces back but fails to exceed and hold the Monday high
areas, then things are changing and a correction could begin
that lasts for at least a few days. If the market does top
out in here, and drops into September 29-30, then that could
set up another decent low.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1064.50-1065.00
1067.00-1067.50 **key
1071.50-1072.25
1078.00-1078.75
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1060.00-1059.26
1056.50-1056.00
1053.50-1052.50
1050.50-1049.75
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1724.50-1725.00
1729.50-1730.50 **key
1736.50-1737.25
1743.50-1744.25
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1719.75-1719.00
1712.50-1711.50
1704.00-1703.00
December 2009 Dow futures resistance
symbols: emini = ymz9
9764-9767
9784-9788 **key
9812-9816
9878-9883
December 2009 Dow futures support
symbols: emini = ymz9
9732-9728
9704-9701
9672-9669
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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
permission.
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PO Box 9783, Ft Wayne, IN, 46899
This publication's primary focus is trading the index
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
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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