TradeStalker's
R.B.I. Trader's Update
4 / 14 / 2010
(Published Since 1996)
...............................................
Dateline: 6:54 pm eastern time, 4/14/2010
The ES gapped up on the open on Wednesday, and then after 20
minutes of trading the reversal occurred. It lead to a 4.50
point drop to 1196.00, and the 1195.50-1196.25 initial
resistance zone then turned into support as the ES turned
back up. That was the start of a grind higher and the ES
made it to the top side of the 1202.50-1204.00 zone before
pulling back. The The 1201.50-1200.50 area was good support
and it held on the drop, then the market rallied again to
close at new highs for the year.
The market has closed up 8 out of the last 9 days and just
keeps pushing higher. At this juncture, there looks like
about 1-2% of upside potential but much more on the
downside. The upside has been relentless, and the sentiment
is way too bullish at this point. The next decent sized move
should come on the downside, but if it's just another day or
two of selloff and the ES doesn't break the 1192.50-1191.50
zone, then no damage done and the rally could have another
leg up. However, if this move reverses from under 1208 and
breaks that 1192.50-1191.50 zone, then things will be
changing.
On Thursday, if the market opens slightly higher and
reverses from around the 1207.50-1208.50 zone on the ES,
then a decent drop should occur. If that plays out, but the
pullback holds near the 1203.50 level and turns back up,
then the rally continues. If that support is not held then
the test of the 1200.50-1199.50 zone would need to be
quickly reversed, otherwise the downside could gather steam.
The market should not get that far if it remains in good
shape. If the downside does happen to gather momentum, then
beware that the 1192.50-1191.50 zone should be rock solid
support and should be bought if tested and held.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1207.50-1208.50
1210.50
1212.00-1212.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1203.50
1200.50-1199.50
1096.00-1195.50
1192.50-1191.50
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
2026.75-2028.00
2031.50
2036.50-2037.50
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
2020.25
2016.00-2015.00
2010.00-2009.25
2001.00-1999.50
June 2010 Dow futures resistance
symbols: emini = ymm0
11072-11078
11098
11122-11125
June 2010 Dow futures support
symbols: emini = ymm0
11048
11012-11009
10982-10978
10955-10951
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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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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