TradeStalker's
R.B.I. Trader's Update
9 / 28 / 2009
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 9/28/2009
The market opened higher on Monday and when it broke and
held over the 1044.00-1144.75 area on the ES and the
1700.25-1701.00 on the NQ, the upside caught fire and the ES
rallied to 1057.00 just over an hour into the trading day. A
small pullback followed, then in choppy action the ES ran up
to 1061.00 before reversing. That move took the ES down to
1055.75, then a good rebound lasted into the close.
The market had a very good oversold rally on Monday. The
indicators mostly are back to neutral, so that is not a prop
any longer. This market looks a bit split at the moment,
with the ES looking like it's okay but the NQ is looking
like it's top heavy.
In any case, the market held up well on Monday and so
nothing bad will happen unless the initial support areas are
broken. If that occurs and the Monday afternoon lows are
broken, then the bounces should set up shorting
opportunities. For now, look for a trade to set up on the
long side if the market opens lower and reverses back up
from a test of initial support, or higher. A better trade
would set up if there is early strength, and the move stalls
out and reverses in the first 45 minutes of trading on
Tuesday. A failure at the initial resistance would mean the
market is weak. If that plays out, then a decent sized
retracement of this leg could be in the cards. The 1050.75-
1049.75 area would be pivotal if the market is sold off. If
that area is not held, then a secondary top should be in
place.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1061.50-1063.00
1065.50-1066.00
1071.75-1072.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1055.75-1055.25
1050.75-1049.75
1043.00-1041.50
1039.00-1038.25
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1725.00-1726.50
1732.00-1732.50
1738.50-1740.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1719.75-1719.00
1714.75-1714.00
1697.50-1696.50
1692.50-1691.75
December 2009 Dow futures resistance
symbols: emini = ymz9
9768-9774
9786-9790
9837-9842
December 2009 Dow futures support
symbols: emini = ymz9
9710-9705
9659-9654
9593-9590
9579-9574
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
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
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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