TradeStalker's
Support and Resistance Update
3 / 13 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 3/13/2011
The lower open reversed up from just over the 1284.50-
1284.00 zone and rallied to 1293.00. A 6 point pullback to
1287 reversed and the ES formed a triangle pattern. The
break/ hold of the 1291.00 updated support started a run up
to the 1298 resistance. A dip reversed up from just under
new support at 1294 and went trend to 1303.25 high before
pulling back in the last hour.
At this juncture, the rally from the Friday morning lows
looks like a bounce in a new downtrend. This upcoming week
will be interesting as we have a Fed day on Tuesday and a
batch of economic data on Thursday. The market was really
volatile last week, and that should continue the way things
look. The move up on Friday showed a lot more bullish
emotion than the bearish emotion on Wednesday/ Thursday. The
Vix dropped 8% and the closing Trin was a minuscule .41 on
Friday.
So, as long as the initial support areas hold on a dip early
on Monday, it should set up a trade on the long side for one
more rally towards the 1306.50 area on the ES. If that
1306.50 area is rejected on further strength, then the down
trend can resume. If the 1306.50 area is not rejected, then
the 1311.50-1312.50 area could be seen. If a pullback does
not hold the initial support areas, then a test of the
1293.30-1292.50 area on the ES and 12000 on the Dow cash
will be key, pivotal areas to defend to avoid a bad day.
That will be seen as a second chance to buy if it's just a
pullback. Otherwise, the 1285 area would be in the cards.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1303.25-1303.75
1306.50-1307.00
1311.50-1312.50
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1298.50-1297.50
1293.30-1292.50
1289.00-1288.50
1285.50-1284.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2306.25-2307.00
2312.25-2313.00
2319.50-2321.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2294.50-2293.50
2287.25-2386.50
2279.50-2278.50
2269.25-2268.50
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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