TradeStalker's
Support and Resistance Update
4 / 20 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 4/20/2011
NOTE: This will be the last nightly update until
Sunday night due to the Good Friday Holiday.
The ES gapped up more than 15 points, and after a dip to
1323.50 updated support, they moved up to 1329.50 before
selling came in. A 4.00 point drop to the 1325.50 level was
reversed, then that pop up was reversed at 1328.75, and with
double tops across the board, the ES dropped 5.00 points to
1323.75. The market got footing then the ES chopped in a
3.00 point range for about 2 hours. A move over 1325.75 held
on a dip before a push up to 1330.50 before the close.
After the bell, earnings reports have the futures trading
higher again as this is being written. Another gap up open
could get the ES to test the February high area, and that
should bring in profit taking at the least. If that occurs,
then a pullback should hold the initial support areas, or
higher, to keep this melt-up in gear. The only way the
market gets into trouble is if a drop back to the 1325.75
area on the ES is not defended as a good buying opportunity.
That was the last transition area on the upside in the last
30 minutes on Wednesday and must hold or a high should be in
place.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1332.00-1332.50
1335.50-1336.25 *very strong
1338.00-1338.50
1341.50-1342.00
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1326.50-1326.00
1324.00-1323.50
1320.50-1319.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2369.50-2370.50
2377.75-2378.25 *very strong
2384.50-2385.50
2391.00-2392.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2353.00-2352.00
2348.25-2347.50
2340.50-2338.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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Disclaimer
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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
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is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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