TradeStalker's
Support and Resistance Update
4 / 3 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 4/3/2011
Last Friday the ES gapped up 9 points to 1330.50, then
dropped down to test the important 1325.50 area. That was
quickly reversed and the ES went trend up to 1333.75 shortly
before noon. Buyers backed off, but the dip held the 1330.50
area and the market tried to get going on the upside.
However, a move to 1332.25 was rejected and when the 1331
level broke, so did the rising wedge pattern and the ES hit
an air-pocket and dropped to 1324.25 with an hour to go in
stock trading. A bounce failed at the updated resistance at
1328.50-1329.00 and then churned into the close.
The ES didn't like it up around the 1332-1333 area on
Friday, as longs pulled bids and took profits before they
were forced out of the exit door. That occurred on the break
of 1331 late on Friday. Those who did get stuck buying up
there should be eager to get out if those Friday highs are
seen again. Below the market however, there should be
support on a test of the Friday lows or else things are
changing short term.
On Monday, the market should be under pressure unless the
initial resistance areas are exceeded/ held and then held on
a dip. That shouldn't be the case though, as the market will
fail there and set up a good shorting opportunity if it is
weak, or going to test the Friday lows at least. If the 1325
area is broken again and not quickly reversed back up, then
odds are pretty good that a move towards the 1317.75 area
(at least) is in the works. A move to that area would need
to be reversed, as it would be a fill of a gap on the daily
chart from the March 29th-March 30th, and also retrace 50%
of the move up from 1300.25. If the ES does not turn up
quickly from a test of that area then things are changing
short term.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1328.50-1329.00
1332.50-1333.25
1335.50-1336.25
1339.75-1340.25
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1325.00-1324.25
1320.00-1319.50
1317.75
1315.50-1314.75
1312.25-1311.75
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2342.50-2343.50
2349.50-2350.50
2357.75-2358.00
2364.50-2366.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2334.00-2333.25
2227.50-2226.50
2320.50
2313.00-2312.50
2204.00-2202.00
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
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