TradeStalker's
R.B.I. Trader's Update
4 / 11 / 2010
(Published Since 1996)
...............................................
Dateline: 5:28 pm eastern time, 4/11/2010
The market started last week with a rally and the ES reached
1188.00 by Tuesday afternoon. From there, a volatile selloff
occurred into Thursday morning. The ES dropped down to
1171.00, then put together a trend up day until backing off
from 1185.00. On Friday the ES rallied to 1188.25 in the
first 35 minutes (in the 1188.00-1189.00 resistance zone),
then dropped to 1183.00 (just over the 1182.50-1182.00
initial support) about an hour into the day and it turned
back up. That move failed at 1188.75 and after a little
double top reversed the ES dropped and made a better double
bottom at 1185.00. In the last 30 minutes the ES broke and
held 1188.00 and caused a short squeeze that took the market
to new highs for the year across the board.
The market continues to hang in there and rally back after
the downside settles down. The move on Friday afternoon was
a bit parabolic, so early strength on Monday should set up a
very good shorting opportunity as soon as the move stalls/
reverses, and that could occur from the 1194.25-1195.00
zone. If that plays out, then a pullback should hold and
reverse back up from the 1188.50-1188.00 area on the ES and
the 1986.50-1985.75 area on the NQ, otherwise the move could
be too far to turn the market back up.
If the market continues to be strong and rallies through the
1194.25-1195.00 zone and doesn't reverse, but instead stays
over that area on a dip, then we could see the melt-up carry
towards the 1202.00-1204.00 area on the ES before a
rejection of the trend. If the market clears that area, and
does not reverse, then odds are decent that this is that one
last move up towards 1229 on the SP500 cash, and around the
1225 area on the ES, before this move runs out of gas and a
decent correction, or worse, begins.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1193.00
1194.25-1195.00
1198.50-1199.50
1202.00-1204.00
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1191.50
1188.50-1188.00
1185.00-1184.50 **key
1182.25-1182.00 **S.T.Major
1178.00-1177.50
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1992.75
1994.40-1995.00
1999.50-2000.50
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1990.50
1986.50-1985.75
1982.00-1981.25 **key
1977.75-1977.00 **S.T.Major
1973.50-1973.00
June 2010 Dow futures resistance
symbols: emini = ymm0
10956
10968-10973
11001-11006
June 2010 Dow futures support
symbols: emini = ymm0
10942
10922-10917
10896-10892 **key
10881-10879 **S.T.Major
10856-10851
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
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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
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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
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