TradeStalker's
R.B.I. Trader's Update
4 / 20 / 2010
(Published Since 1996)
...............................................
Dateline: 6:25 pm eastern time, 4/20/2010
The gap up open was sold on Tuesday, then the first pullback
held just over the Monday high of 1196.50. After tagging
1197.00 3 times, the market turned back up about an hour
into the trading day. The rally stopped after a poke over
1204.50 resistance was rejected, but the 1202 level was
quickly reversed and a move up made a double top at
resistance. That gave a small pullback to 1202.00 support,
and the futures closed at their highs while stocks dropped
into the close.
There was a gap left on the daily chart at 1196.50 on
Tuesday. After the close, the futures are higher on Apple's
earnings and another gap up will occur if the market opens
higher on Wednesday. Odds of the gap filling on the daily
chart are very good on Wednesday, so if there is early
strength it should offer a nice shorting opportunity as soon
as the upside stalls out (especially if that's from the
1207.50-1208.50 area). That should happen within the first
40 minutes at the latest.
Then, as long as a pullback holds the 1202.00-1201.50 area,
the upside should remain intact. If shorting early strength
plays out, and a pullback turns up from near the 1202.00-
1201.50 area (or higher) around 90 minutes into the day,
then it could be a low and start a good rally. However, if
that 1202.00-1201.50 area is broken, then the market
character is changing and it should have a hard time
recovering so the bounces would turn into shorting
opportunities.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1207.50-1208.50 **key early
1210.50-1212.00
1217.50-1218.00
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1202.00-1201.50 **must hold
1197.00-1196.50
1194.00-1193.50
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
2037.75-2038.25 **key early
2040.50-2041.50
2048.75-2049.50
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
2019.50-2018.75 **must hold
2008.00-2007.00
2000.25-1999.50
June 2010 Dow futures resistance
symbols: emini = ymm0
11090-11094 **key early
11128-11134
11162-11168
June 2010 Dow futures support
symbols: emini = ymm0
11058-11055 **must hold
11027-11023
11000-10996
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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
permission.
This publication's primary focus is trading the index
futures ($ES_F). However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
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The foregoing has been prepared solely for informational
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