TradeStalker's
R.B.I. Trader's Update
11 / 24 / 2009
(Published Since 1996)
...............................................
Dateline: 6:33 pm eastern time, 11/24/2009
We were fading the early direction on Tuesday and the ES
opened at 1105.50 (1105.50-1106.00 was initial resistance)
and then promptly fell 10.50 points to 1095.00 before
turning back up. The 1095.25 level was the 3rd support level
listed last night. The ES then rallied to 1106.75, where it
was sold pre-open, and then the ES dropped to 1102.50 in the
last 15 minutes of the day.
NOTE: This is the last update until Sunday night. A Happy
Thanksgiving to our U.S. and Canadian friends, and a great
long weekend for all of you.
The short term internal gauges that were oversold are in
neutral now. However, the Vix made a new low close for the
year on Tuesday. If the Vix drops under 20.35 on Wednesday,
and then reverses and closes up for the day, it will give 3
or 4 Vix Sell signals. The market has had some good swings
in both directions this week, however the bounces are not
sticking. When the market pulls back, and can not entice
more good buying on a reversal, then things could get a bit
ugly. The day before the Thanksgiving Holiday tends to be
bullish. Just be careful holding a trade on the long side
for very long. The way the market is acting, it could give
back a week's worth of gains in a few hours.
On Wednesday we get another batch of economic data coming
before the open and 30 minutes into the trading day. If
Wednesday is going to give us "normal" pre holiday trading,
then most of the action should occur in the first 90 minutes
and last 90 minutes. If the market opens higher, and the
move is reversed from just under the 1106.50-1106.75
resistance, then another down day is likely. That, or a
reversal in the first 40 minutes of trading, would set up a
*very* good shorting opportunity. If the market opens lower,
but can reverse back up from the 1100.50-1100.00 area on the
ES, then we could get a decent bounce back towards the
1106.50-1106.75 area. IF that area is exceeded and not
quickly reversed, then the 1109.00-1109.50 area could be
tested. Just beware that the move on the upside will likely
fail. Unless 1107 on the ES is exceeded, then the market is
extremely vulnerable and could fall back towards the 1092.75
gap on the SP futures (ES) and/or 1768.00 on the Nasdaq 100
futures (NQ) as the market continues its topping process.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1106.50-1106.75
1109.00-1109.50 **strong
1111.75-1112.25 **major
1117.50-1118.00
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1102.50
1100.50-1100.00 **must hold
1095.25-1095.00
1093.00-1092.50 **major
1088.50-1088.00
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1792.00-1792.50
1796.75-1797.50
1801.75-1803.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1784.00
1780.75-1780.25
1774.50-1773.50
1769.75-1768.75
1760.50-1759.75
December 2009 Dow futures resistance
symbols: emini = ymz9
10434-10438
10477-10480
10498-10502
December 2009 Dow futures support
symbols: emini = ymz9
10398
10377-10372
10338-10334
10314-10311
10276-10273
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.
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)
www.TradeStalker.com
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.
*************************************************
No comments:
Post a Comment