TradeStalker's
Support and Resistance Update
4 / 6 / 2011
(Published Since 1996)
...............................................
Dateline: 6:02 pm eastern time, 4/6/2011
The ES opened up almost 8 points on Wednesday and then
dropped 5 points from 1335.75 to 1330.75 before a bounce.
That bounce stopped and reversed at 1332.50 and a trend down
move to the 1326.75 Tuesday close followed. The market got
its footing and turned back up, staying with a trend line as
support on the way to 1333.00 on the ES. A little double top
formed, and again buyers backed off. That was key, and the
break of the trend line triggered more selling as ES dropped
5 points from 1333 into the close.
The market certainly is showing it's tried, and not liking
to stay over 1333 for long on the ES. On the bottom side,
the 1325.00-1324.25 area was reversed on Monday and hasn't
been tested yet. The sentiment is way too bullish given the
inability to hold on to gains. The daily range for the ES
has been less than 10 points for the last 6 days. The ranges
tend to shrink when the market is making a top. Also, the
breadth on the NYSE has been positive for 7 straight days.
If the market acts this toppy with good internals, a day
with poor internals would be a bit ugly it appears now.
On Thursday we get Initial Claims before the open. The
market is range bound, and nothing good happens on Thursday
unless the initial resistance zones are cleared, then held
on a pullback. If there is a break of the 1328 area on the
ES and/or the 12400 area on the Dow cash, then a drop to
test the 1325.00-1324.25 zone could be in the cards. That is
the bottom of this range, and will need to be quickly
reversed, otherwise a break of the range is occurring and we
should then test the 1320.00-1319.50 zone.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1332.25-1333.00
1335.75-1336.50
1337.75-1338.50
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1328.50-1327.50
1325.00-1324.25
1320.00-1319.50
1317.75
1315.50-1314.75
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2331.75-2332.50
2339.50-2340.50
2348.50-2350.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2322.50-2322.00
2313.00-2312.50
2308.75-2308.00
2302.75
2197.00-2196.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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Past performance does not guarantee future performance.
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.
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This is not an endorsement or recommendation of the SP500
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