TradeStalker's
R.B.I. Trader's Update
4 / 19 / 2010
(Published Since 1996)
...............................................
Dateline: 6:24 pm eastern time, 4/19/2010
A lower open was bought on Monday, and a bounce back to the
1193.00-1193.50 resistance zone on the ES and 2016.00-
2016.50 resistance zone on the NQ occurred. The move stalled
out, and when the 1189.50-1189.00 zone on the ES was broken
the downside gathered momentum as they fell to 1179.75 by
noon. A bounce to the updated resistance at 1185.00-1185.50
stalled, then a dip to 1181.00 was quickly reversed. With a
"rising W" pattern on the charts, the upside got in gear.
After breaking through the 1185.00-1185.50 zone, the ES
dipped to 1185.75 and then headed back up and rallied into
the close.
The panic selloff from Friday carried over on Monday, but
due to the technical condition noted last night, the market
was able to rally back starting in the afternoon and closed
the day at its highs. Once again, however, the market closed
higher while there was more declining stocks than advancing
stocks. That has been going on for some time, and is not
good for the intermediate term.
On Tuesday, look for early strength to set up a shorting
opportunity if the ES reverses from near the 1199.50-1200.50
zone in the first 30 minutes or so. If that plays out, then
beware that as long as a pullback holds above the 1190.50-
1190.00 area on the ES, the market will not be in trouble
yet and should be able to bounce back. It will take a break
back under that zone to turn the trends back down for now.
If it's tested and quickly reversed, then no damage is done.
If the 1190.25 level is not quickly reversed, then it could
result in another rush to get out.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1196.50
1199.50-1200.50 **key, good short
1203.50-1204.50
1209.75-1210.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1190.50-1190.00
1188.00-1187.50
1185.00-1184.50
1181.00
1178.50-1177.50
1171.50-1171.00
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
2016.50
2021.50-2022.50 **key, good short
2028.25-2029.00
2037.00-2037.75
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
2004.75-2004.00
1996.50-1996.00
1992.75-1992.00
1986.25
1983.50-1982.50
June 2010 Dow futures resistance
symbols: emini = ymm0
11047
11058-11062 **key, good short
11097-11101
11132-11134
June 2010 Dow futures support
symbols: emini = ymm0
11017-11013
10998-10994
10974-10971
10943
10923-10919
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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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