TradeStalker's
R.B.I. Trader's Update
12 / 8 / 2009
(Published Since 1996)
...............................................
Dateline: 6:19 pm eastern time, 12/8/2009
The market gapped down on the open and the fell for 15
minutes before reversing. The last listed support areas for
Tuesday were at 1088.25-1087.50 on the ES, 10244-10240 on
the YM, and 1759.00-1757.75 on the NQ. The early lows were
at 1087.75 on the ES, 10240 on the YM and 1760.00 on the NQ
and the market bounced back. The ES rallied to 1097.50
before noon, and shortly thereafter I sent an update saying:
"The ES reached 1097.50 before reversing. That might be
it for the bounce if the 1094.60-1094.00 area is
broken."
That turned out to be the high for the day, and after
breaking 1094 the market went into a choppy trend down move
to 1088.75 by 3 pm. A bounce to 1092.75 followed, but the
move couldn't stick and the futures sold off into the close.
The market has been unable to hold its gains, and is very
close to rolling over on the daily close chart. If there is
follow through weakness on Wednesday, it could pick up steam
if the 1088.00-1087.50 area is broken and not quickly
reversed. In order to turn the trends, the market needs to
get over the initial resistance areas, and then instead of
reversing and dropping, that area then needs to hold on a
pullback.
Unless that occurs, the bounces will continue to offer good
shorting opportunities. If the market breaks out of this
trading range to the downside, then we could see another
scary selloff that takes the ES towards the 1078.00-1077.50
area from November 27th. IF that is reached on Wednesday,
then expect a good rebound if that are is tested and then
reversed.
On Wednesday look for a shorting opportunity if there is
early strength and the move reverses from near the initial
resistance areas. If the market obliges, and then sells off,
beware that a break of the 1088 level on the ES that isn't
quickly reversed would open the door for a drop towards the
1083-1082 area, and possibly the 1078.00-1077.50 area before
a decent bounce occurs.
December 2009 SP futures resistance
symbols: emini = esz9 / big contract =spz9
1092.50-1093.00
1097.00-1097.50
1100.00-1100.50
1107.50-1108.25
December 2009 SP futures support
symbols: emini = esz9 / big contract =spz9
1088.00-1087.50
1083.00-1082.00
1078.00-1077.50
December 2009 Nasdaq futures resistance
symbols: emini = nqz9 / big contract = ndz9
1776.00-1776.50
1782.00-1782.50
1786.50-1787.50
1793.50-1794.00
December 2009 Nasdaq futures support
symbols: emini = nqz9 / big contract = ndz9
1766.50-1766.00
1759.50-1758.00
1752.25-1750.50
December 2009 Dow futures resistance
symbols: emini = ymz9
10285-10288
10320-10323
10348-10352
10430-10433
December 2009 Dow futures support
symbols: emini = ymz9
10243-10239
10197-10193
10149-10145
Want to SAVE 25% on a subscription to our service?
Offer good only until December 15th:
CLICK HERE FOR MORE INFORMATION
Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899
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)
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