TradeStalker's
Support and Resistance Update
4 / 13 / 2011
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 4/13/2011
The ES gapped up 8+ points and reversed from the 1317.00-
1317.75 zone (1317.50 high), and it was trend down to
1310.75 about 45 minutes in. A bounce back was reversed from
just over 1316, and another drop took the ES to 1305.00 to
barely break Tuesday's low. After a bounce failed at
1309.50, a pullback bounced from 1306.00 and after a bounce
a retest of 1306.00 was reversed. The break/ hold over
1308.50 kept the upside in gear, as the ES reached 1313.75
before pulling back. A test of 1313.75 reversed, and a drop
to 1308.50 support occurred into the close.
We get Initial Claims and the PPI releases before the open
on Thursday. If there is a lower open, and the ES gets to
the 1306.00-1305.00 area and turns back up, it should be the
start of another rally attempt. If that occurs, the move
will set up an even better shorting opportunity if this
action continues. A test of the 1313.50-1314.50 area should
be sold if the market is still in weak hands.
The VIX reached 16.20 intraday Wednesday, lower than it was
when the ES was at 1335, so fear is absent. If there is a
move back to the 1314 area, or possibly another test of the
1317 area and it stalls out/ reverses again, another sizable
pullback would be in the cards.
NOTE: I will be away until around noon on
Thursday. I'll update when I get back and have a
good look at what's occurred to that point.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1313.50-1314.50
1317.50-1318.25
1320.50-1321.00
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1306.00-1305.00
1300.50-1300.00
1297.50-1296.50
1292.50-1291.75
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2314.75-2315.75
2319.50-2320.50
2324.50-2326.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2297.00-2294.50
2286.00-2285.00
2278.75-2277.50
2270.50-2268.75
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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