TradeStalker's
Support and Resistance Update
3 / 21 / 2011
(Published Since 1996)
...............................................
Dateline: 5:39 pm eastern time, 3/21/2011
The ES gapped up more than 15 points and held the 1288 area
on a quick dip and continued moving higher to 1296.25 in the
first 40 minutes of trading. Then, for the rest of the day
the ES traded mostly between 1295.50 and 1291.75 until the
last 30 minutes. A drop from 1295.25 top of the range
stopped at 1290.50 with 30 minutes left, then a move back to
1294.75 was sold into settlement.
Since making a low last Wednesday the SP500 is up 41.50
points on a closing basis. The NYSE has had more than 2180
advancing issues for 3 days in a row. The 3 day thrust
oscillator reached +.80, which is a short term extreme.
Sentiment shifted fast, as the Vix dropped almost 16% on
Monday. The Nasdaq weakened in the afternoon, not confirming
the test of the highs by the blue chip averages. Lastly, the
1295.50-1296.25 area on the ES was rejected 4 times on
Monday, as buyers pull bids when the market stalls out. The
good news is that the 12000 level on the Dow cash was not
broken and bounced back into the close.
Expect the market to have trouble holding gains on Tuesday.
The 1296 level on the ES needs cleared to possibly squeeze
shorts and move towards the 1303-1304 area, but that would
be maximum upside for this move. On the downside, a drop to
the 1284.25-1282.50 zone on the ES should be key, and give a
good snap back rally in gear if a drop stalls/ reverses from
that area.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1295.50-1296.25
1297.75-1298.50
1303.50-1304.25
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1290.50
1287.75-1287.00
1284.25-1282.50 key zone
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2261.50-2262.00
2267.50-2268.25
2276.50-2278.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2253.50
2244.50-2243.50
2234.50-2233.50 key
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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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.
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