TradeStalker's
R.B.I. Trader's Update
12 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 6:29 pm eastern time, 12/3/2009
The ES opened higher on Thursday and sprinted to 1117.00 in
the first 15 minutes of stock trading, and then a reversal
occurred and the market dropped sharply. The ES fell to
1105.25, and that was right at key support at the 1105.00-
1104.25 zone. The ES bounced, but the move had a lid at the
1111 updated resistance. That set up a couple of good shorts
at the 1109.50-1110.50 sell zone, with the last one being a
double digit move for the ES. The ES made a tiny double top
at resistance around 2 pm, and then the break of the 1107.50
level brought in selling with about 30 minutes left. The
downside gathered steam and the ES dropped to the 1098-1096
target/support right at the close.
The market broke back under the intraday break-out areas on
Thursday, and after getting the crowd overly bullish, there
was another rush for the exit door similar to last week.
Both the SP500 and Dow made new yearly highs intraday, then
closed under the Wednesday lows. The Vix plunged to 20.61,
close to the yearly low, then reversed to close up 6% for
the day. That sudden shift in sentiment was due, and it
should now revert to the mean. On a daily close-only chart,
the SP500 is still in a 17 day old trading range. That has
compressed the Bollinger Bands on the daily chart, and that
often precedes a sizable trend move. The SP500 Cash needs to
have a close over 1111, or under 1091, to get a break of
this current range.
We get the Employment data before the open on Friday. Right
now it looks like any kind of rally attempt should fail. The
ES met the first good support on the downside on Thursday's
close. If the market can hold over the initial support areas
on Friday, or quickly reverse if they are broken, then the
market might it might have a change to run up towards the
1106.00-1106.50 area before the move reverses. It would take
a break/hold over the 1110.25-1111.00 area on the ES to get
out of trouble short term. If the market gets hit with a
selloff that can not hold around the 1088.25-1087.50 area on
the ES, and 1091 on the SP500 cash, then the market could be
on the verge of a bigger picture pullback that re-visits the
1078.00-1077.50 area on the ES - where the last intraday
swing low was made while still closing in the 1091-1111
range.
CLICK HERE for FREE Trading Articles and Videos!
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1103.25-1104.00
1106.00-1106.50
1108.50 ** strong
1110.25-1111.00
1116.50-1117.50
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1097.25-1096.25
1093.00-1092.50
1088.25-1087.50
1083.00-1082.50
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1788.50-1789.75
1794.50-1795.75
1797.75
1800.00-1801.00
1805.50-1806.50
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1777.50-1776.75
1771.75-1771.00
1765.00-1763.75
1755.00-1754.00
December 2009 Dow futures resistance
symbols: emini = ymz9
10392-10396
10429-10434
10443
10454-10458
10499-10505
December 2009 Dow futures support
symbols: emini = ymz9
10342-10338
10314-10311
10285-10282
10242-10238
---------------------------
REMINDER:
Real Time subscribers can view these updates, and also get
real time instant messages, on the web at this site:
http://www.tradestalker.com/RBIchat.htm
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