TradeStalker's
R.B.I. Trader's Update
12 / 10 / 2009
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 12/10/2009
We had a big gap up open on a rollover day. Since we
couldn't buy an early pullback, we traded from the short
side when the upside fizzled early, and caught a couple of
decent swings from the 1100.00-1100.50 resistance zone. The
last one occurred with about 90 minutes left, as the 1100.50
level was rejected and the ES dropped to a new low for the
day at 1094.75. Buying/ short covering came in and the
market bounced back into the close.
We get the Retail Sales number before the open on Friday.
The market is STILL in the same range, and closed about in
the middle of it on Thursday. The daily indicators are all
in neutral territory also, even after making good on the Vix
buy signal given at Wednesday's close.
On Thursday the market had all kinds of trouble pushing
through the 1100 area and holding. But on the other side of
the coin, the market did double bottom in the last hour. If
the 1100.00-1100.50 area is exceeded, and there isn't a
quick reversal like we saw on Thursday, then the market
could put together a rally towards the 1106.00-1106.50 area,
at the most it appears. For now, the market is still range
bound. Shorts can be taken unless/until that 1100 level is
exceeded and held on a pullback. On the downside, if the
Thursday lows hold then the market is still okay. However,
if they are broken we should see follow through selling to
at least the 1092.00-1091.50 area, and maybe get hit pretty
hard.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1100.00-1100.50
1102.50-1103.00
1106.00-1106.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1095.25-1094.75
1092.00-1091.50
1086.50-1086.00
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1803.00-1803.50
1806.75-1808.00
1812.50-1814.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1795.00-1794.00
1791.00-1790.50
1783.50-1782.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10364-10368
10384-10388
10427-10431
March 2010 Dow futures support
symbols: emini = ymh0
10324-10318
10282-10277
10238-10234
Subscription SALE: CLICK HERE to save 25% (offer expires
Tuesday - December 15th)
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