TradeStalker's
Support and Resistance Update
5 / 9 / 2011
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 5/9/2011
The ES tested and rejected the 1339.50-1340.25 key area 3
times after the open then dropped to 1334.75 before bouncing
back. The ES took out 1340 then held at 1340.25 on a dip,
and then ran up to 1346.25 before pulling back. That dip
held 1342.50, then bounced back to test the high. That was
reversed and the market dropped into the close.
The ES made a little double top at 1346.25 as the bids dried
up and the market refused to even try to push through that
again. The extreme oversold conditions are just one day away
from getting overbought, so expect bounces to fail on
Tuesday until there is a decent sized pullback. A drop to
test the 1340 area should be easy in the early going, and
possibly quite a bit lower. If there is an early pop up and
that reverses from the initial resistance areas, or lower,
then that should start a decent pullback.
If the 1340 area is not defended and the 1335.50-1334.75
support area is reached, and not quickly reversed back up,
then a move to last week's lows could be in the cards yet
before a bounce occurs. If that area is reversed, then a
bounce back needs to get over 1340 again and hold to change
the trend.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1346.75
1347.75-1348.25
1351.75-1352.50
1357.75-1358.50
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1340.50-1340.00
1335.50-1334.75
1332.50-1331.75
1327.50-1326.75
1323.50-1322.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2398.00
2400.50-2401.25
2409.50-2410.50
2419.75-2422.00
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2374.00-2372.75
2368.00-2366.50
2363.50-2362.50
2356.00-2354.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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