TradeStalker's
R.B.I. Trader's Update
11 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 6:44 pm eastern time, 11/3/2009
The market opened lower on Tuesday but the weakness was
reversed and the ES rallied from 1030.75 to 1040.50 just
over 30 minutes into trading. That was at the 1040.00-
1041.00 initial resistance, and the market dropped down to
test the lows. The ES made a double bottom pattern off of
1031.00 and then bounced to 1036.25 updated resistance. A
pullback followed but then the ES was reversed from 1032.00
and then it shot higher. A sprint to 1041.50 fizzled out,
then the ES pulled back to test the 1036.50 new support.
That held and a rally up to 1043.00 followed. That level was
quickly rejected, and with that resistance being a bit too
much, the ES fell back to the 1036.50 area with an hour
left. The market churned just over that level until 3:30,
and then the market turned up and made a run up to test the
highs. That pop lasted 5 minutes as the move fizzled and
reversed from 1042.75, then dropped 3.50 points to 1039.25
before churning into the close.
The market gave us some good swings in both directions on
Tuesday. Wednesday is a Fed Release day, and the volatility
isn't going to dry up now. For the most part, the short term
internal gauges have moved out of deep oversold territory.
Also, the downside momentum let up some, with the averages
making inside days on Tuesday.
On Fed days, if there is a trending market going into the
2:15 pm release, then that trend is usually reversed. On
Wednesday the market will be in decent shape as long as the
1036.75-1036.25 area on the ES and 1672.00-1670.75 area on
the NQ are broken. If those are broken, then the uptrends
will roll over and the 1026.50-1026.00 area, or lower, could
be in the cards before another decent reversal occurs. If
those are held, then a rally should have trouble with the
1049.00-1049.50 area if the market is still weak. After the
Fed release, there tends to be a quick "shake and bake"
where the market moves down then up quickly, however a trend
should develop after 15-20 minutes and make a good move into
the last 30 minutes or longer.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1042.75-1043.25
1049.00-1049.50
1051.50-1052.25
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1036.75-1036.25
1031.50-1030.75
1026.50-1026.00
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1677.00-1677.75
1686.50-1687.75
1690.50-1691.50
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1672.00-1670.75
1658.75-1658.00
1652.00-1650.25
December 2009 Dow futures resistance
symbols: emini = ymz9
9736-9739
9792-9796
9820-9825
December 2009 Dow futures support
symbols: emini = ymz9
9683-9679
9656-9654
9634-9632
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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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