TradeStalker's
R.B.I. Trader's Update
11 / 5 / 2009
(Published Since 1996)
...............................................
Dateline: 7:02 pm eastern time, 11/5/2009
The ES opened at the 1051.75-1052.50 resistance on Friday,
and from 1052.50 it dropped 3 points to 1049.50 before
turning back up. The rally reached 1058.50, our 2nd
resistance was 1058.00-1058.50, and the ES dropped 3 points
to 1055.50 and turned back up. The bounce stalled out after
reaching 1062, and we were short but looking for a bounce.
That bounce took out 1060.50 and ran to the 1063-1064 key
area. The move reached the 1063.00, then reversed and
dropped 4.75 points to key support at 1058.25. A bounce to
1063.75 reversed, giving a good re-entry on the short side,
and the ES dropped 3.50 points to 1060.25 with 15 minutes
left in stock trading. The ES then ran up to 1064.00 in the
final minutes and backed off a bit before the close.
We get the Employment data before the open on Friday. At the
moment most everything is neutral to nearing overbought
status. The very short term internal gauges are getting
close to an overbought status. The sentiment is getting
bullish in a hurry. Vix dropped over 8% on Thursday. Lastly,
the ES reached a good resistance zone at 1063-1064 on 3
occasions on Thursday. The first 2 lead to pullbacks, then
the ES ended the day in that zone.
That said, no damage is done as long as the initial support
can hold. If it does not, then a decent pullback / selloff
could occur. So look for opportunities on both sides unless
the market gets into a trend down phase. If the ES falls
towards the 1058.50-1058.00 area and cannot quickly reverse,
then a decent sized pullback could occur.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1064.00
1067.75-1068.25
1071.50-1072.25 **major
1076.75-1078.00
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1060.50-1060.00
1058.50-1058.00
1050.50-1049.50
1042.00-1041.50
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1722.00
1728.00-1729.00
1734.00-1735.00 **major
1739.25-1740.50
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1712.00-1711.25
1708.25-1707.50
1700.00-1699.25
1691.75-1690.50
December 2009 Dow futures resistance
symbols: emini = ymz9
9970
10004-10007
10034-10038 **major
10080-10085
December 2009 Dow futures support
symbols: emini = ymz9
9941-9938
9916-9913
9838-9832
9740-9736
CLICK HERE for FREE Trading Articles and Videos!
Good Trading,
Mike Reed
TradeStalker.com
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
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.
*************************************************
No comments:
Post a Comment