TradeStalker's
R.B.I. Trader's Update
11 / 30 / 2009
(Published Since 1996)
...............................................
Dateline: 6:21 pm eastern time, 11/30/2009
The market opened flat on Monday and then after a drop to
1086.75 reversed, the market rallied for about an hour. The
ES reached 1096.50 and then turned back down, and a steady
selloff took the market to new lows for the day. The 1085.00
low was reversed and after a bounce failed, buying came in
at 1086.00 and a decent bounce followed. The upside didn't
go too far however, as the ES ran up to 1090.75 and then the
move was reversed. Then with an hour left in stock trading,
the market headed back up and tested the morning highs. The
move didn't stick and the market dropped into the close.
The short term gauges are in neutral territory, and the
averages all made inside days on Monday. The drop from the
double top shows the market is still a bit skittish, and the
next decent sized move should be to the downside. We get the
ISM Index and Pending Home Sales 30 minutes into the trading
day on Tuesday. A test of the initial resistance would set
up a good shorting opportunity, as the market has failed up
there twice in the last 2 days. It looks like first support
levels need to hold if the market is going to be stronger
than anticipated. Otherwise, a rally attempt will have
trouble sticking. If Monday's lows are broken and not
quickly reversed on Tuesday, then a re-test of the 1078.00-
1077.50 zone from last week becomes a good possibility.
So, look for early strength to set up a shorting
opportunity, especially if the 1096.50 area is rejected
early. If that plays out, then the first decent pullback
should hold around the 1092 area on the ES. If that breaks,
and then the 1088.25-1087.50 area is tested and not
reversed, it means we have a weak market that could have a
poor day. If none of that happens, and the ES happens to
plow through the 1096.50-1097.00 area without any trouble,
then a run-up towards the 1102.50-1103.25 area is possible
before a reversal occurs.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1096.50-1097.00
1102.50-1103.25
1108.50-1109.00
1111.50-1112.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1092.00
1088.25-1087.50
1085.00
1083.00-1082.50
1078.00-1077.50
1068.50-1067.75
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1770.00-1770.75
1778.50-1779.75
1785.50-1786.50
1790.25-1791.50
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1763.75
1758.25-1757.50
1754.00
1751.00-1750.25
1743.00-1741.75
December 2009 Dow futures resistance
symbols: emini = ymz9
10353-10356
10398-10402
10447-10451
10472-10478
December 2009 Dow futures support
symbols: emini = ymz9
10314
10285-10282
10251
10236-10234
10207-10202
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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
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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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