TradeStalker's
R.B.I. Trader's Update
11 / 18 / 2009
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 11/18/2009
To start the day on Wednesday, our early game-plan was to
get short if there was early strength near the Tuesday high
on the ES. The ES popped up and then reversed from 2 ticks
over Tuesday's 1109.00 high, dropping 8.25 points from
1109.50 to 1100.75. The ES rallied to 1108.00, but as
stated, the 1104 level had to hold or the low would be
tested. After breaking that 1104 level, the ES went to
1101.25 for a test of the low. The bounce off of that level
reversed at the updated 1105.50-1106.00 resistance and
pulled back to 1103.00 with an hour left in trading. Buying
and shorts covering started and the market went back up to
test the morning highs by the close.
The trading range looks like it will continue for a while
longer. The ES has good, and important, support at the
1101.25-1100.25 area. As long as that is held, the market
will be in decent shape. If that area is broken, then the
market will undergo a deeper selloff. For now it looks like
the market will stay in a trading range unless that break-
down occurs. If the ES breaks out over the 1112.25-1112.75
area, and doesn't quickly reverse, then the ES could head
towards the 1117.75-1118.50 zone if there is a short term
melt-up move. However, if the 1112.25-1112.75 area or lower
is sold, then a decent pullback towards the 1106.00-1105.25
should occur. That area needs to hold to keep the trends up.
So look for early strength to set up another good shorting
opportunity. The first pullback then needs to hold the
1106.00-1105.25 to stay in bullish mode. If that isn't held,
and the 1101.25-1100.25 area is tested but not reversed,
then a drop to the 1097.50-1096.50 area would need to
quickly reverse to avoid a sizable selloff.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1109.00-1109.50
1112.25-1112.75
1117.75-1118.50
1120.50-1121.25
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1106.00-1105.25
1101.25-1100.25
1097.50-1096.50
1092.75-1092.00
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1801.50-1802.50
1806.75-1807.75
1815.75-1816.75
1821.50-1822.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1796.50-1796.00
1789.50-1788.75
1785.75-1785.00
1777.50-1775.75
December 2009 Dow futures resistance
symbols: emini = ymz9
10406-10410
10432-10436
10496-10501
10519-10523
December 2009 Dow futures support
symbols: emini = ymz9
10380-10377
10342-10338
10283-10278
10235-10232
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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.
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)
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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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