TradeStalker's
Support and Resistance Update
3 / 15 / 2011
(Published Since 1996)
...............................................
Dateline: 6:20 pm eastern time, 3/15/2011
The ES opened down 34.50 points on Tuesday, and after a 10
point bounce to 1265.25 failed, a drop to test the low was
bought and a trend up move was underway. The break/ hold
over 1265 kept the move going into the Fed release. After
the release there was a quick drop, then a reversal back up
started a choppy uptrend that lasted until just missing the
1284 resistance. With 20 minutes left in stock trading the
futures broke the 1280.50 trend support as the ES dropped
10.75 points into the close.
The market is not out of the woods yet, especially if the
initial support is not defended on Wednesday. The ES did
make a low at a logical support area, but it was over after
the open and the market moved higher most of the day.
Another shake-out should be in the cards before a good rally
could occur. That 1284 area was soundly rejected, so if it
is cleared there could be one more run up towards the
1287.50-1288.50 zone on the ES. That should be the maximum
upside (assuming there is enough strength to get over 1284
on the ES and 11900 on the Dow cash and not quickly reverse)
if there is more downside coming this week.
So, on Wednesday look for early strength that
stalls/reverses near the initial resistance for a good trade
on the short side. If the initial support is defended on a
pullback, the market should continue to stay in a 2-sided
trading range by bouncing back towards the 1277 area but
that should be it unless the ES is on its way to test
Tuesday's highs. If that 1269.00-1268.25 area is not
defended, then a drop towards the 1265.00-1264.50 area
should be in the cards easily, and possibly back to the 1258
area where the market should hold if it's not coming apart
again.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1283.75-1284.50
1287.50-1288.50
1293.00-1293.50
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1269.00-1268.25
1265.00-1264.50
1258.50-1257.50
1255.50-1255.00
1248.00-1247.25
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2268.50-2269.50
2273.00-2374.00
2278.75-2280.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2243.00-2241.50
2234.50-2233.50
2224.50-2223.50
2214.50-2233.75
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
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