TradeStalker's
Support and Resistance Update
4 / 24 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 4/24/2011
The market was all over the place last week. There was a
17.50 point gap down open on Monday, and a 15.75 point gap
up on Wednesday. On Friday the ES gapped up to 1333.50 and
dropped to 1328.75 (which was the Wednesday closing range)
then it bounced to 1334.00 by mid day. A pullback held
1331.00, but as stocks closed the futures dropped and
reached 1330.50 just before settlement.
After getting oversold last Tuesday, the short term internal
gauges have gone to the other side of their boundaries and
reached an overbought status. The 3 Day Thrust reached +.70
at Thursday's close, and other short term gauges are in
similar condition. The ES and SP500 cash failed the first
try to break the February high, and should back off a bit
due to "profit taking" if nothing else.
The ES filled the gap made on Thursday's open, but the NQ
still has that gap to fill at least before the market gets
its bid back. If there is follow through selling, then the
1326.50-1326.00 area on the ES and the gap area around the
2363.75-2362.50 area on the ES need to be defended, and
quickly reversed on a pullback. If those areas are not
defended, then the dynamics are changing and a deeper drop
is in store. In order to nullify this, the ES will need
another gap up open that holds the 1333.50-1334.00 area on a
dip. Unless that occurs, odds favor a pullback and possibly
a quick, sharp drop if the 1331.50 area turns into
resistance and is rejected on a bounce.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1333.50-1334.00
1336.00-1336.50
1339.50-1340.50
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1330.50-1330.00
1328.50
1326.50-1326.00
1324.00-1323.50
1320.50-1319.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2377.75-2380.00
2386.50-2387.25
2394.50-2396.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2373.00-2372.00
2366.75
2363.75-2362.50
2355.25-2354.50
2348.25-2347.50
---------------------------
REMINDER:
Real Time subscribers can view these updates, and also get
real time instant messages, on the web at this site:
http://www.tradestalker.com/RBIchat.htm
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
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.
************************************************
No comments:
Post a Comment