TradeStalker's
Support and Resistance Update
3 / 31 / 2011
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 3/31/2011
The market had a choppy two-sided day on Thursday, but the
ES was not able to stay over 1325 on several attempts and
finally succumbed to sellers and the Dow and SP500 closed
just above the low for the day while the Nasdaq futures
backed off from its late high at 2341.50 into the close.
On Friday we get the employment data before the open. All of
the averages had inside days on Thursday, but the 1325 area
on the ES was rejected as buyers backed off and longs took
profits. The 1328 major are was rejected on Wednesday. The
market will need to get over that 1325 area and stick, not
reverse again, to get the upside melt-up back in gear.
Another failure up there could be terminal short term as the
market is exiting its bullish bias timeframe.
On Friday the key resistance is at the 1325.00-1325.75 area
on a move higher. The market needs to run up right through
that area and only see it again on a dip (that then holds
1325) to avoid trouble, at least early. On the downside, the
1317.75 level should be key on a break of this 2 day range.
If the market gets footing there, a decent rebound is
possible. However, if that 1317.75 area does not show a sign
of turning around, then just below is the breakout area
around the 1315.50-1314.75 zone. If that area is not
reversed, then there is something changing and the market
could be in a trend down mode unless the market rallies back
up through that area and then holds it on a dip. If that
occurs, then a good move higher could be starting.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1325.00-1325.75
1327.75-1328.50 *major
1331.50-1332.50
1336.25-1338.00
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1320.00-1319.50
1317.75
1315.50-1314.75 *key
1312.25-1311.75
1309.50-1308.75
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2340.50-2341.00
2343.75-2344.50 *major
2351.25-2352.25
2361.25-2362.25
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2335.75-2334.75
2330.50
2227.50-2226.50 *key
2220.00-2219.00
2313.00-2312.50
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
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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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