TradeStalker's
R.B.I. Trader's Update
12 / 14 / 2009
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 12/14/2009
A gap up open was sold at the 1108.50-1109.00 resistance
zone on Monday, and after locking in partial profits at
1105.50 I sent an instant message saying:
(Dec 14-10:05) Mike: 1104.00 a better support,
symmetry there
That was our 2nd target, and the ES reached 1104.00 exactly
before bouncing back. With that for a first hour low the
market crept higher into early afternoon. The ES reversed
from 1110.25, then broke the channel that had formed. A
bounce then to 1108.75 was reversed and a drop to 1106.50
was turned back up. The market spent the rest of the day
churning and ended the day about in the middle of the tiny
daily ranges.
We get the PPI before the open on Tuesday. The SP500 cash
made a new high close for the move, so there must be instant
follow through buying if the market is going to break out of
this range on the upside. A break and hold over the 1109.50-
1110.25 area on the ES is needed for that to occur. However,
the market has reached a short term overbought status, and
any kind of breakout / break down is probably on hold until
Wednesday's Fed release.
On Tuesday look for early strength to be sold, unless the
initial resistance areas are exceeded and not quickly
reversed. If that plays out for a trade on the short side,
and then there is a decent pullback, then that should set up
a buying opportunity if the ES tests the 1104.00-1103.50
area and then turns back up. If that area is not held, or
quickly reversed, then the 1100.50-1099.75 area is key
support on Tuesday. If tested, the move needs to quickly
reverse to avoid potential trouble and maybe another trip to
the bottom of this range.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1109.50-1110.25
1114.00-1115.00
1118.50-1119.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1106.50-1106.00
1104.00-1103.50
1100.50-1099.75
1096.00-1094.75
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1808.50-1809.00
1815.50-1816.25
1822.00-1823.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1802.00-1800.75
1798.50-1797.25
1793.50-1792.50
1787.00-1786.00
March 2010 Dow futures resistance
symbols: emini = ymh0
10451-10456
10512-10518
10547-10552
March 2010 Dow futures support
symbols: emini = ymh0
10424-10421
10412-10410
10397-10394
10354-10350
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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