TradeStalker's
Support and Resistance Update
4 / 19 / 2011
(Published Since 1996)
...............................................
Dateline: 5:53 pm eastern time, 4/19/2011
The ES opened higher and reached 1306.25 about 15 minutes
in, then was sold down to 1301.50 where buying came in. That
1301.50 level held and I stated: "A test of the high that
reverses sets up a short with a tight stop" and the ES
bounced to 1305.75 and made a 1-2-3 top before dropping 6.00
points to 1299.75 before noon. A turn back up started there
and broke/held 1302.50, and continued to hold on the 2 point
pullbacks all the way to the 1309.50 resistance just before
the close.
After the close, earning reports have the futures trading
higher and well above the Tuesday high at 1309.50 on the ES.
If this holds up, then that closing range area should hold
on a pullback (setting up a trade on the long side) and
continue on up to test the 1315.00-1315.50 zone, and maybe a
bit more. If there is a run up to that area and it stalls
out, then a tradable pullback on the short side should set
up, especially if the VIX nose dives back to 15.32 and then
turns back up.
If the ES is not able to stay over the 1309.50-1308.75 area,
then a drop towards the 1306.50-1305.75 should be rock solid
support that is reversed fast if it's reached. That area
really shouldn't be seen if the market is still strong. So,
if there is a pullback to that area or a bit above it, that
needs to be seen as a good buying opportunity and get turned
back up, or else there is something changing short term. In
that case, bounces are then shorting opportunities to
1303.00-1302.50 and if something is really wrong then we
could possibly see the 1299.50-1298.50 area tested again.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1312.00-1312.50
1315.00-1315.50
1319.50-1320.50
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1309.50-1308.75
1306.50-1305.75
1303.00-1302.50
1298.50-1298.00
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2318.75-2320.25
2324.75-2325.25
2331.25-2332.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2310.50-2308.75
2302.50-2301.75
2293.00-2291.75
2284.00-2282.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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Past performance does not guarantee future performance.
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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