TradeStalker's
R.B.I. Trader's Update
11 / 17 / 2009
(Published Since 1996)
...............................................
Dateline: 5:54 pm eastern time, 11/17/2009
The initial support area at 1103.50-1102.50 on the ES gave
us 2 quick trades on the long side this morning. There was a
bounce from 1102.50 to 1107.50, and then a bounce from
1103.00 to 1106.75 occurred before the ES washed out to
1100.25. Then the ES bounced and reversed from 1104.00
updated resistance then dropped to the 1100.00 early low.
After the market rallied back members were told to watch
1108.00-1108.50 for a turn, and the ES reversed from 1108.25
and dropped to 1104.00 before firming. Buying came in with
an hour left in the day and the market rallied to token
higher highs and then fizzled into the close.
The ES had just a 6.50 point range on Tuesday. The ES and NQ
both had inside days, staying within the Monday ranges. A
narrow range day, or better yet a series of narrow range
days at a high tends to lead to reversals. In addition, some
of the short term internal gauges are getting overbought.
The Nasdaq looks to be a bit more vulnerable than the ES at
the moment, and it will lead if the market heads lower.
On Wednesday we get the CPI and Housing Starts before the
open. The market will be a short if there is early strength
that reverses from near the Tuesday highs. If that plays
out, the first decent pullback must hold the 1103.00-1102.50
area on the ES. That was broken, and then quickly reversed,
on Tuesday and the ES would need to do the same on Wednesday
to avoid trouble. If that zone is not held on a drop, then
we could see the 1097.75-1096.75 area tested before a
reversal attempt occurs.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1108.50-1109.00
1112.25-1112.75
1117.75-1118.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1105.50
1103.00-1102.50
1097.75-1096.75
1092.75-1092.00
1086.75-1086.25
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1811.00-1811.75
1815.75-1816.75
1821.50-1822.50
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1801.50
1798.00-1797.00
1792.50-1791.50
1786.50-1785.75
1779.00-1778.50
December 2009 Dow futures resistance
symbols: emini = ymz9
10406-10410
10432-10436
10496-10501
December 2009 Dow futures support
symbols: emini = ymz9
10374
10336-10332
10283-10278
10235-10232
10197-10193
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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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