TradeStalker's
R.B.I. Trader's Update
9 / 21 / 2009
(Published Since 1996)
...............................................
Dateline: 6:11 pm eastern time, 9/21/2009
The market gapped down on Monday and the weakness was
reversed from the 1053.50-1052.50 support zone. A quick
bounce from 1053.00 fizzled at 1058.00 and the ES went down
to 1052.00 and again turned back up. After forming a
triangle pattern, the 1058 resistance was exceeded and held
and the ES rallied to 1061.50 before noon. The rest of the
day was a choppy range trade, but the ES was reversed on the
dips to the 1058-1057 zone and held up into the close.
The ES settled down .50 from Friday's settlement, yet there
was plenty of travel range with strength being sold and
weakness being bought. The ES had these 8 swing of 4 or more
points on Monday:
09/21/09 1053.00
09/21/09 1058.00 +5.00
09/21/09 1052.00 -6.00
09/21/09 1057.25 +5.25
09/21/09 1053.25 -4.00
09/21/09 1061.50 +8.25
09/21/09 1057.25 -4.25
09/21/09 1062.75 +5.50
09/21/09 1057.50 -5.25
That is setting the stage for a decent move soon. As long as
the 1057.50-1057.25 area on the ES holds, the bulls will be
in charge and we could rally towards the 1067.00-1067.50
zone if the pattern plays out. If that occurs early on
Tuesday, beware of a reversal if a rally reaches that zone
and stalls out. That should be a strong resistance area if
the market has enough strength to get back up there. A move
up towards that area that is reversed would set up a lower
high on the daily chart, and it could be the start of a good
sized move to the downside.
So, on Tuesday we should expect to see two-sided action. If
the market holds the initial support areas, then there is a
chance for a rally to get started in the early going,
however it should fail. If the initial support areas are
broken, and the market doesn't quickly reverse back to the
upside and hold those areas, then the pressure should be on
and a test of the 1052.50-1052.00 may be in the cards and
possibly lower before the market can firm up.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1062.25-1062.75
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
1057.50-1057.25
1052.50-1052.00 **key
1050.50-1049.75
1047.50-1046.75
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1733.00-1734.00
1736.50-1737.00
1743.50-1744.25
1749.75-1750.50
1756.50-1757.25
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1725.75-1725.25
1719.75-1719.00
1712.50-1711.50
1704.00-1703.00
December 2009 Dow futures resistance
symbols: emini = ymz9
9741-9744
9764-9767
9784-9788
9812-9816
9878-9883
December 2009 Dow futures support
symbols: emini = ymz9
9695-9692
9665-9661
9643-9639
9602-9599
CLICK HERE for FREE Trading Articles and Videos!
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
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.
*************************************************
No comments:
Post a Comment