TradeStalker's
Support and Resistance Update
4 / 26 / 2011
(Published Since 1996)
...............................................
Dateline: 6:19 pm eastern time, 4/26/2011
The ES gapped up on the open on Tuesday, breaking out above
the February high, and after a dip held the 1334.50 level, a
trend up move to the 1346.25 followed. The NQ made a 1-2-3
top at 2402 while the ES broke 1344 and a pullback to
1341.50 occurred. Another move up was reversed at 1345.50 on
the ES, then again that 1344 level broke, then stayed under
that on a bounce, on the way to the 1340.50-1339.50 zone
just before the close.
On Wednesday we get the Fed decision on interest rate policy
at 2:15pm. The breakout to a new high for the year lost gas
around noon on Tuesday, and the run up to test the highs was
sold and the 1340.50 level was met just before settlement.
There should be some follow through selling early on
Wednesday, as long as the 1344 level is not broken and can
hold at/above that on a dip. Barring that, a break/hold
under 1340.50-1339.50 zone should mean that a move back
towards the 1335.00-1334.50 area is in the cards. If that
area is reached, a quick reversal back up should occur if
the market is going to avoid a bad day.
On Fed days, a trending move into the 2pm timeframe tend to
get reversed. So, beware if we get that kind of action after
the first 40 minutes or so. After the release, if it's not a
non-event, there should be a quick back and forth move and
then after about 20 minutes a trend should get in gear.
Aside from that, with the market so very complacent, heads
up if the initial support is broken and the 1335.00-1334.50
zone gets tested. A bounce from that area should be seen by
traders as a great buying opportunity and run back up
through the 1340 area easily. If that does not occur, or a
bounce then fails at/ near the 1340 area, then it will be a
first sign on a bigger picture that things are changing.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1343.40-1344.00
1345.75-1346.25
1349.50-1350.25
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1340.50-1339.50
1335.00-1334.50
1330.50-1330.00
1326.50-1326.00
1324.00-1323.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2395.25-2396.50
2401.50-2402.50
2308.00-2409.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2382.50-2380.75
2377.00-2376.50
2372.00-2370.75
2365.50-2363.75
2358.50-2354.75
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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
purposes and is not a solicitation, or an offer to buy
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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
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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
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