TradeStalker's
R.B.I. Trader's Update
9 / 29 / 2009
(Published Since 1996)
...............................................
Dateline: 6:56 pm eastern time, 9/29/2009
The ES rallied up to the 1065.50-1066.00 resistance area
(1065.75 high) before Consumer Confidence was released on
Tuesday, then the sharp drop held the 1055.75-1055.25 zone
(1055.50 pullback low). The ES then bounced to 1061.50
before stalling and reversing. A drop from up there took out
the 1055.50 support on the ES and then fell to 1053.25
before reversing. The ES bounced back to 1057.75, but the
move fizzled and a drop to 1054.75 was reversed and a run-up
to 1061.00 followed. After the ES made a 1-2-3 top at the
1061.00-1060.75 levels, the last update stated that "the
1059.75-1060.50 area shouldn't be exceeded if the market is
still in poor shape" and a bounce to 1059.75 was reversed,
setting up a late 5.50 point drop to 1054.25 just before
settlement.
NOTE: We will be away on Wednesday and Thursday,
so this is the last nightly update until Sunday
night. There *will* be intraday updates on Friday
however.
On Wednesday there is the GDP before the open and then the
Chicago PMI just 15 minutes into regular trading hours. On
Tuesday the ES reversed from the 1065.50-1066.00 resistance
area, and then ended the day just off of its 1053.25 low.
The lower high and reversal may be making a 1-2-3 top on the
daily chart. If the SP500 cash closes under 1044 without
taking out the Tuesday high at 1069.62 first, then it should
mean that a move towards the 1031-1030 area on the SP500
cash is likely underway.
On Tuesday the ES didn't spend much time under the 1054 as
that was quickly reversed. If the ES breaks the initial
support areas on Wednesday, but then quickly reverses, it
should start a decent bounce. If that occurs, then beware of
a reversal when the move stalls out. A move back towards the
1060 area will be sold if the market is still weak. If the
ES cannot get over the 1060 area and hold, then it's still
bearish and the bounces will be shorting opportunities.
Also, if the 1054 level is not reversed, then the pressure
would be on and, with a few bounces along the way, the
market could head back towards the 9-25 lows and possibly
lower. If the 1054.00-1053.25 area is not broken, and
neither is the 1065.50-1066.00 area, then it will be an
inside day trading range like the NQ did on Tuesday.
NOTE: We will be away on Wednesday and Thursday,
so this is the last nightly update until Sunday
night. There *will* be intraday updates on Friday
however.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1059.00-1059.75
1061.00
1065.50-1066.00
1071.75-1072.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1054.00-1053.25
1050.75-1049.75
1043.00-1041.50
1039.00-1038.25
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1719.00-1720.00
1723.00
1730.00-1731.00
1738.50-1740.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1713.50-1712.50
1707.75-1706.75
1697.50-1696.50
1692.50-1691.75
December 2009 Dow futures resistance
symbols: emini = ymz9
9712-9715
9730
9772-9776
9837-9842
December 2009 Dow futures support
symbols: emini = ymz9
9665-9662
9634-9630
9583-9579
9544-9538
---------------------------
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.
www.TradeStalker.com
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.
*************************************************
No comments:
Post a Comment