TradeStalker's
R.B.I. Trader's Update
4 / 4 / 2010
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 4/4/2010
The market volatility was very good last week. On Thursday
the ES gapped up 8 points and kept going for 30 minutes
before pulling back to the 1172 support area. A bounce
failed just under the updated 1175 resistance and then a
sharp drop took the ES from 1174.75 to 1166.25 by 2:40 pm.
That's often a reversal time and they ran back up in front
of the Friday Employment number. The market had a positive
reaction to that data, with the ES running up to a new high
for the year at 1178.75 and finished Friday on an up note.
The seasonal upside bias has one more day before that prop
is erased from the market. If the Friday strength holds,
then we could have a gap up open on Monday. This could turn
out to be a "head fake" before the market heads lower. The
early strength should be sold as soon as the upside stalls/
reverses. If that comes from a rejection of the 1180 area on
the ES, then a decent sized drop could occur. A pullback
would need to stay over the 1170.50-1170.00 zone on the ES,
and the worst, to keep from rolling over.
So, look for early strength to set up a shorting opportunity
early on Monday, and if the market obliges and pulls back to
the 1170.50-1170.00 area on the ES, that should be reversed
and the market should bounce back. If they drop that far and
are not reversed, then the trends will roll over.
NOTE: Due to a dental appointment in the morning, the first
intraday update will be sent around noon.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1178.75-1179.00
1181.50-1182.50
1184.50-1186.00
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1174.75-1174.00
1170.50-1170.00
1167.00-1166.50
1163.00-1161.50 **major
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1962.00-1963.00
1967.00-1967.75
1976.50-1977.25
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1957.50-1956.75
1952.50-1951.50
1947.00-1946.50
1940.75-1939.50 **major
June 2010 Dow futures resistance
symbols: emini = ymm0
10899-10902
10922-10925
10961-10964
June 2010 Dow futures support
symbols: emini = ymm0
10871-10868
10845-10841
10808-10803
10775-10771 **major
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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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.
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