Sunday, November 08, 2009

TradeStalker's RBI Update 10/29/09

.................................................

TradeStalker's

R.B.I. Trader's Update

10 / 29 / 2009

(Published Since 1996)

...............................................


Dateline: 6:43 pm eastern time, 10/29/2009


The market opened higher on Thursday, then the ES dropped
4.75 points from 1049.50 to 1044.75 and then the market
turned back up. The ES then broke and held over the 1045.75-
1046.00 area and rallied to 1054 before backing off. Another
drop of 5 points held, and the ES grinded higher to 1060.50
by early afternoon. The move reversed, but it held at the
upslope 20 period ema on the 5 minute chart and ran up to
1064.00 before a pullback occurred. It was a 5.25 point drop
and then the market rallied back into the close.

By being able to hold the channel line across the 8-17, 9-
02, and 10-02 lows, and being at oversold extremes, all the
market needed was a spark to have a nice rally and that came
in the form of a good GDP number on Thursday. However, the
market has had 3 basically trend days this week, so it will
be a surprise if another trend day occurs on Friday. The
market is still a bit oversold, and the trends are up, so
unless the initial support areas are broken the market
should be okay. If those are broken, then the market will
either be a volatile 2-sided day, or a decent selloff day.

So, look for early strength to set up a shorting opportunity
on Friday. If that sets up in the first 40 minutes and the
market then has a decent pullback, that needs to hold, or
quickly reverse from the initial support areas. If it does,
that will set up a buying opportunity. Otherwise, if that
support is broken, the market will be a better shorting
opportunity when the bounces stall/reverse.



December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9

1064.00-1065.00
1068.00-1068.50
1070.25-1072.00
1075.50-1076.25


December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9

1058.75-1057.50
1054.00-1053.50
1050.00-1049.25


December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9

1713.00-1714.00
1718.00-1718.50
1723.25-1724.50
1728.50-1729.50


December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9

1704.00-1703.25
1698.50-1697.75
1694.00-1692.50


December 2009 Dow futures resistance
symbols: emini = ymz9

9922-9929
9963-9967
9984-9992
10027-10032


December 2009 Dow futures support
symbols: emini = ymz9

9868-9861
9839-9835
9813-9808


---------------------------

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: