TradeStalker's
Support and Resistance Update
3 / 28 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 3/28/2011
The ES opened a bit higher and rallied to the 1315.00-
1315.50 major zone before pulling back to 1313.50. A bounce
back to test the 1315.25 level was sold, and when the
1313.50 level broke the ES pulled back to just under 1310
and then bounced back. That bounce was to the 1312.50 level,
right at the updated resistance, and it pulled back again.
With the Sell signals given last Friday, it was noted that
the market should go into the minus column, and when the
1310 level broke/ held it triggered a sharp drop. After
breaking through the 1308.50-1307.50 "target" that 1307.50
turned into resistance on a bounce and then the downside
continued to the 1302 level given just before the close.
The market acted very timid on Monday before the break down,
as buyers backed off for fear of buying at a top. When the
sentiment shifted, the exit door was certainly crowded. This
does not look like it's just a pause in a strong uptrend.
The ES dropped 13.25 points off of its high at the 1315.25
major resistance. If that area is seen again, odds are good
that trapped longs will be grateful to get out.
On Tuesday look for early weakness to be bought, especially
if the 1296.50-1295.75 area on the ES is tested and reversed
back up. If that happens in the first 30 minutes of stock
trading, then a bounce could be a decent one but set up a
shorting opportunity when the upside stalls/ reverses. A
bounce shouldn't be more than 7.50 ES points and fail
at/under the 1309.25-1309.75 area on the ES and the 2308.75-
2309.50 area on the NQ if the Friday high at 1315.25 was a
short term top.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1305.25-1306.00
1309.25-1309.75
1312.25-1312.50
1315.25-1315.50
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1302.00
1300.50-1300.00
1296.50-1295.75
1292.50-1292.00 *major
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2300.50-2301.50
2308.75-2309.50
2316.75-2318.00
2325.50-2326.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2294.75
2291.50-2290.50
2285.50-2284.50
2276.50-2275.50 *major
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Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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