TradeStalker's
Support and Resistance Update
3 / 30 / 2011
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 3/30/2011
The market gapped up on Wednesday and it was a trend up move
with small pullbacks until the ES reached 1327.75. That was
just under the 1328.50-1329.25 last resistance, and the
market drifted lower to 1325.00 before bouncing. That bounce
failed at 1327.00 and the rejection of that area brought in
selling as the ES dropped to 1323.00 just before the close.
On Monday the market dropped hard at the end of the day,
setting up the "normal" rally into end of month. The market
has made a good move off of the Tuesday morning lows and the
short term indicators are getting overbought at a resistance
area. From here it looks like the upside is limited, and a
trip to test the gap on the daily chart for the ES looks
possible if the initial resistance is not cleared/ held
early on Thursday. The 1328 area looks like a short term
top, or at least should be hard to hold above if it is poked
over. The initial support areas would need to be quickly
reversed, not cut right through, to make an attempt to get
back up there.
On Thursday we get Initial Claims before the open and then
the Chicago PMI 15 minutes after stocks open. It's also the
last day of the month and quarter. If the ES does pull back
to test the 1317.75-1317.25 area and gets turned back up,
then a decent bounce should occur. On the top side, if there
is a test of the 1327.75-1328.50 area on the ES and/or the
2343.25-2344.00 zone on the NQ and that move
stalls/reverses, it sets up a shorting opportunity for a
test/ break of the initial support areas which should be
pivotal on Thursday.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1324.50-1325.00
1327.75-1328.50 *major
1331.50-1332.50
1336.25-1338.00
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1323.00-1322.50
1317.75-1317.25 *gap fill
1315.50-1314.75 *key
1312.25-1311.75 *strong
1309.50-1308.75
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2336.00-2336.75
2343.25-2344.00 *major
2351.25-2352.25
2361.25-2362.25
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2331.75-2330.75
2324.75-2324.00 *gap fill
2220.00-2219.00 *key
2313.00-2312.50 *strong
2309.00-2308.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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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
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This is not an endorsement or recommendation of the SP500
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