TradeStalker's
R.B.I. Trader's Update
4 / 15 / 2010
(Published Since 1996)
...............................................
Dateline: 6:44 pm eastern time, 4/15/2010
Early weakness was bought on Thursday and the ES rallied to
the 1210.50 resistance level. The move stalled out there,
then broke down and dropped 6 points to 1204.50. That was a
bit over the 1203.50 support, and the market bounced back to
test its highs. With the ES making a double top at the
1210.50 resistance while the NQ did the same at its 2036.50-
2037.50 resistance, another drop followed and then the
market firmed into the close.
The market is acting a bit toppy, and despite closing at new
highs for the year the breadth on the NYSE was negative.
Sentiment is getting frothy. The 10 day put/call ratio for
index options reached .45, the lowest level in more than 18
months. The Vix did not make a lower low despite closing
higher on Thursday. At the least, it looks like volatility
should pick up.
The market has been able to bounce after every pullback/
selloff lately. However, the 1210.50 level on the ES and
2037.75 level on the NQ were rejected twice on Thursday. I'm
sure that late longs would like to see that price again to
get whole, and those looking to short see that as a good
resistance to sell against. IF those are exceeded, and then
held on a pullback, it could cause a last gasp rally towards
the 1229-1233 zone. That appears to be a long shot at this
time.
If the market bounces early on Friday, it should set up a
very good shorting opportunity if the initial resistance at
the 1209.75-1210.50 zone on the ES and/or 2037.00-2037.75
zone on the NQ is tested and the move stalls out. If that
plays out, then a pullback needs to near the 1192.50-1191.50
zone on the ES. If that zone is broken, then odds that a top
of some sort being in place goes up, and the bounces will
not stick. If the market drops back to that area, but holds
and turns back up, then another decent rally should follow.
On the top side, if the initial resistance is broken and
held, then it could cause a final melt-up towards the 1229-
1233 zone.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1209.75-1210.50
1212.00-1212.50
1217.50-1218.00
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1206.50-1205.50
1200.50-1199.50
1096.00-1195.50
1192.50-1191.50
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
2037.00-2037.75
2040.75-2041.50
2046.75-2048.00
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
2030.50-2029.50
2024.50-2024.00
2016.00-2015.00
2006.00-2005.25
June 2010 Dow futures resistance
symbols: emini = ymm0
11099-11104
11122-11125
11174-11178
June 2010 Dow futures support
symbols: emini = ymm0
11072-11068
11012-11009
10982-10978
10955-10951
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---------------------------
Good Trading,
Mike Reed
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
guarantee that future results will be profitable.
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This is not an endorsement or recommendation of the SP500
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