TradeStalker's
Support and Resistance Update
4 / 27 / 2011
(Published Since 1996)
...............................................
Dateline: 7:06 pm eastern time, 4/27/2011
The ES opened up at the 1345.75-1346.25 resistance, dropped
to 1343.75, then bounced to 1346.00 and reversed. That led
to a drop to 1340.50, the initial support, then turned back
up. A bounce to 1347.50 followed, then after the Fed release
at noon the ES found good support at 1344.25 on several
tests. The bulls took control and took out 1347.50 and it
held on a small dip as the ES ran through 1349.50-1350.50
easily on the way to 1354.25 with 20 minutes left in stock
trading. A small pullback held the 1350.50 level and then
the ES settled just above it.
On Thursday look for early strength to be sold in to, then
if the initial support areas are tested/reversed, that
should set up a good buying opportunity. If the initial
support is tested, and gets turned back up, then the rally
will continue.
However, if the market shows no sign of holding those
support areas, and is cut through instead, then a move
towards the 1344.50-1344.00 area should be as far as a
pullback would go if the market is still strong. As long as
that zone is held, nothing bad happens. However, if that
area is not seen as a great buying opportunity and quickly
reversed back up, then the market is under pressure and
selling bounces is then the play back towards the 1341.00-
1340.25 zone, now a major support.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1354.00-1354.50 *key early
1357.75-1358.25 *strong
1362.00-1362.50
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1348.25-1347.75
1344.50-1344.00 *key
1341.00-1340.25 *major
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2412.75-2314.00 *key early
2417.75-2419.50 *strong
2427.50-2428.50
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2405.00-2404.50
2397.00-2396.25 *key
2388.50-2387.25 *major
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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