TradeStalker's
R.B.I. Trader's Update
10 / 8 / 2009
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 10/8/2009
The ES gapped up 7.50 points on Thursday, reversed from
1063.50 and dropped to 1056.75 which coincided with the
20ema on the 5 minute chart. Buying came back and the ES
rallied right back and was in a trend up move until early
afternoon. Then once the 1065 level broke, the ranges turned
back down but the ES found support on the drops at and just
under the 1061.00 level. A bounce to the 1065 updated
resistance was sold, but the drop again reversed from the
1060.50 level and the ES firmed into the close. The Nasdaq
futures were weakened and ended the day near its low.
The market has given 2-sided action lately. On Friday look
for early strength to set up a shorting opportunity, and if
that plays out the first pullback will need to hold the
initial support areas to keep the upside intact. The market
has gotten short term overbought, and the bounces have not
been sticking, so beware of a reversal should the highs be
tested, or slightly exceeded, and then reverse. The NQ looks
like a better short on the bounces on Friday, and the ES
will be better for trades on the long side. Whatever the
case, the market will be okay unless the 1060.50-1060.00
area is broken, and not quickly reversed.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1064.75-1065.25
1067.25-1068.00
1072.00-1073.00
1075.75-1076.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1060.50-1060.00
1054.75-1054.25
1048.00-1047.50
1042.75-1042.50
1038.50-1038.00
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1724.50-1725.00
1730.00-1730.75
1737.50-1738.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1712.50-1711.25
1707.00-1706.50
1707.00-1706.50
1686.75-1686.00
1681.25-1679.75
December 2009 Dow futures resistance
symbols: emini = ymz9
9760-9764
9780-9783
9830-9834
December 2009 Dow futures support
symbols: emini = ymz9
9724-9720
9682-9679
9625-9622
9605-9602
9568-9563
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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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