Tuesday, March 29, 2011

03/23/11 TradeStalker's E-Mini Futures Support and Resistance Updates

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TradeStalker's

Support and Resistance Update

3 / 23 / 2011

(Published Since 1996)

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Dateline: 6:45 pm eastern time, 3/23/2011

Folks, my apologies for not being able to update this
afternoon. A lightning strike about 70 feet from my office
window blew out Frontier's FIOS box, Invisible Fence's
circuit board, 2 garage door openers, and killed a goose.
Three pair of geese came by to join the mourning. Power and
PC's not affected, but was without a connection until 4pm.
Not a normal day. :-) Hopefully Thursday is less chaotic.
Thanks Ziad for your help this evening. On to the market...

After a lower open the ES made a double bottom at the
1279.25-1279.50 area and turned up. The ES broke/ held
1282.50 and reached 1289.00 shortly before 1pm. The pullback
held the 1286 dynamic support and the ES tested the 1295.75-
1296.25 zone with 40 minutes left, then buyers backed off
and the ES dropped from 1296.00 to 1291.25 by the close.

The SP500 Cash rejected the 1300 level for the third time
this week. That is the key resistance to clear and hold
above to avoid this being another run up before another good
sized drop in this trading range. In order to have a good
chance to do so, the 1289 area needs to hold on a pullback,
or quickly reverse if broken. If a pullback holds that area,
and the 1296 area on the ES (and 1300 on SPX) is cleared and
not rejected, then a push towards 1301.50-1303.00 could
occur, but would likely be reversed if it is reached.


June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1

1316.00-1318.00
1308.00-1309.00
1301.00-1303.00
1296.00-1297.00


June2011 SP futures support
symbols: emini = esm1 / big contract =spm1

1291.00-1292.00
1287.25-1288.50
1285.00
1282.50-1282.00
1279.00-1278.50


June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1

2325.00-2328.00
2305.00-2308.00
2290.00-2293.00
2775.00-2276.00


June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1

2263.00-2264.00
2254.25-2255.25
2249.55
2242.00-2243.00
2230.50-2231.00



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Good Trading,
Mike Reed

Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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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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