TradeStalker's
R.B.I. Trader's Update
11 / 22 / 2009
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 11/22/2009
The market started last week by reaching new highs for the
year on Monday, and it was down hill from there. After
making a high at 1112.25 on Monday, the ES tested the
1100.75-1100.25 area on the pullbacks, and then broke that
range on Thursday's open. The bounces all failed on the way
to a 1085.25 low on Friday. The ES then rallied back to the
1092-1093 updated resistance zone, and then the ES 3.50
points from 1092.75 to 1089.25 just before the close.
On Friday the market was able to hold together and rally
back to a pretty good resistance area. Although a few
internal gauges are close to getting oversold, the market
still isn't acting very well. The ES *did* get over the 1088
intraday resistance, and then held it on the pullback when
the ES dropped from 1090.75 to 1088.25. The run up to the
1092.75 resistance area started there, so that should be
pivotal early on Monday. If it's broken, then we could have
a down day that doesn't give a nice bounce that has been
expected lately.
In addition, the 1092-1093 zone was rejected, and a test of
that area on Monday morning will likely be sold. How the
market acts at the 1092.25-1092.75 area on an early pop
should be telling, and it should set up a very good short if
the move reverses early. If that area is exceeded, there
shouldn't be too much more on the upside. A move back to the
1100.25-1100.75 will be a shorting opportunity if the market
gets that far, and that area is rejected. A pullback will
need to hold the 1088.50-1088.00 area on the ES, or quickly
reverse if that is broken. f that area is not defended by
the late buyers on Friday, then we could have a sharp drop
to 1083.00-1082.50 or lower before any kind of reversal
attempt.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1092.25-1092.75
1095.00-1095.50
1100.25-1100.75
1105.00-1105.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1088.50-1088.00 *pivotal
1085.25
1083.00-1082.50
1078.00-1077.25
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1767.50-1768.00
1775.00-1775.50
1780.00-1781.25
1788.75-1790.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1760.50-1759.75 *pivotal
1756.75
1754.00-1753.50
1748.25-1747.50
December 2009 Dow futures resistance
symbols: emini = ymz9
10328-10331
10352-10358
10406-10410
10438-10441
December 2009 Dow futures support
symbols: emini = ymz9
10286-10283 *pivotal
10253
10232-10229
10191-10187
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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
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The foregoing has been prepared solely for informational
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This is not an endorsement or recommendation of the SP500
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