TradeStalker's
Support and Resistance Update
4 / 14 / 2011
(Published Since 1996)
...............................................
Dateline: 6:09 pm eastern time, 4/14/2011
The ES gapped down on the open and fell to 1298.25 (1297.50-
1296.50 support) and reversed and rallied to the 1308 area.
A reversal there gave a drop to 1303.25 level, which was the
opening range, and a turn back up took the ES to 1309.75
which was just over the Wednesday close, and another dip
followed. That held 1306.00 and the ES got back into rally
mode and rallied to 1313.25. That was just under the
1313.50-1314.25 initial resistance zone and the ES dropped
back to 1309.25 before the close.
We had a good reversal and oversold rally from just above
the 1297.50-1296.50 support area on the ES on Thursday. That
should be a short term low, and if so then it's possible
that this move up could last a bit longer. If that 1313.50-
1314.25 zone is not rejected, then we could go back to test
the 1317 breakdown area from last week. If that area IS
reached, then a good shorting opportunity should show again.
For now though, the market still has a lot of work to do to
undo some of the recent damage.
The initial support areas should be pivotal early, and need
to hold or be quickly reversed to keep the upside going. The
ES appears to be in a stronger position is there is more to
go on the upside. The Nasdaq was weaker than the blue chip
Dow and SP500 all day on Thursday and a test of its 2312.00-
2313.00 area should be hard to get through, and not reverse
back down. So, the 1309.25-1308.50 area on the ES will need
to be defended in the early going to get one more push on
the upside. If that occurs, be on look-out for a tradable
reversal when the upside runs out of steam and stalls out.
Buyers should get a fear of being caught buying at a high,
giving a decent pullback to trade.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1313.50-1314.25
1317.50-1318.25
1320.50-1321.00
June2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1309.25-1308.50
1306.00-1305.50
1303.25-1302.50
1298.25-1297.50
1292.50-1291.75
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2312.00-2313.00
2319.50-2320.50
2324.50-2326.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2298.75-2297.75
2295.00-2294.25
2290.75-2290.00
2286.00-2285.00
2278.75-2277.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
This publication's primary focus is trading the index
futures ($ES_F)and($NQ_F). However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), (VIXY), and (DOG)
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research and data believed reliable, but there is no
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