TradeStalker's
Support and Resistance Update
3 / 29 / 2011
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 3/29/2011
NOTE: On Wednesday I will be away until around 11
am eastern time. The first update will be sent
around that time, or sooner hopefully.
The higher open on Tuesday was sold at the 1305.25-1306.00
initial resistance, and then the ES dropped 5 points to
1300.25 support before turning back up. The break/ hold over
1302.50 got the upside going, and the ES went into trend-up
mode until tacking on another 9.25 points and reaching
1311.75. After churning between 1311.75 on top and the
updated trend up support at 1309.50, that level was held,
and the ES moved up to 1313.50. Another dip of 1.75 points
held right at the mid-day 1311.75 high, keeping the trend up
move alive as the ES rallied to 1314.75. Another 1.75 point
pullback to 1313.00 updated support was reversed and the ES
popped up to 1317.75 just before settlement, closing the day
just over the 1315.25-1315.50 major area.
The move was trend up on Tuesday. There was just 1 pullback
that was more than 3 points on the ES after turning up from
the 1300 support area. The ES settled above the 1315 level
and posted an outside day on the upside. However, back to
back trend days are not the norm, so a 2 sided day is more
likely on Wednesday. A hold over the 1315 level will be
needed to keep the strong uptrend intact. A break of that
area would open the door for a test of the 1312.25-1311.75
area on the ES. That is as far as a pullback should go if it
is going to avoid trouble on Wednesday.
So look for early strength to be sold on Wednesday, and then
if the first pullback holds around the 1315 area the upside
can continue. A move up to the 1319.50-1320.50 should be as
far as this move goes before taking a breath and pulling
back. If a pullback to the 1315 area isn't defended, then
it's down to the 1312.25-1311.75 area and that should be key
on a pullback.
NOTE: On Wednesday I will be away until around 11
am. The first update will be sent around that
time, or sooner hopefully.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1319.50-1320.50
1324.25-1325.00
1328.50-1329.25
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1315.50-1314.75 *key
1312.25-1311.75 *strong
1309.50-1308.75
1305.25-1304.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2327.50-2328.50
2337.50-2338.25
2345.25-2346.25
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2220.00-2219.00 *key
2313.00-2312.50 *strong
2309.00-2308.50
2300.75-2299.50
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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