TradeStalker's
Support and Resistance Update
5 / 12 / 2011
(Published Since 1996)
...............................................
Dateline: 7:14 pm eastern time, 5/12/2011
The ES opened lower and went trend down to to 1328.75 in the
first 16 minutes, bounced to the 1333.00 low from Wednesday,
then dropped to a slightly higher low and turned up. There
was good buying off of that double bottom and the market
moved back up. After up and down action during the morning,
the bulls took control around 11 am and the ES trended up to
the published resistance area of 1345.75-1346.25, where it
stalled before putting in the daily high of 1348.75. After
that, the market pulled back to 1343 around 3 pm, then
bounced to 1347.75 into the the close.
The market had a lot of swings even though the move was
basically trend up after the first 30 minutes of trading.
These were the swings of about 4 ES points on Thursday:
1328.75
1333.00 +4.25
1329.25 -3.75
1336.50 +7.25
1331.25 -5.25
1340.75 +9.50
1336.50 -4.25
1348.75 +12.25
1343.00 -5.75
1348.00 +5.00
On Friday we get PPI and at 9:55 am we get the Michigan
Sentiment release. The end of day action on Thursday kept
the market in an uptrend. The ES almost is back to its
breakdown area from Wednesday, which should be key early on
Friday. The ES needs to get over that resistance, not reject
it, and stay over it to get another squeeze higher going.
Unless that occurs, the market is vulnerable as a decent
pullback should occur before the market gets buyer's
interest. A move to the 1343.00-1342.25 area is as far as a
pullback should go if the market is going to avoid some
trouble on Friday.
June 2011 SP futures resistance
symbols: emini = esm1 / big contract =spm1
1349.75-1351.00
1355.75-1356.50
1360.00-1361.00
June 2011 SP futures support
symbols: emini = esm1 / big contract =spm1
1343.00-1342.25
1337.25-1336.50
1328.50-1327.50
June 2011 Nasdaq futures resistance
symbols: emini = nqm1 / big contract = ndm1
2413.50-2415.00
2422.00-2423.00
2432.00-2432.75
June 2011 Nasdaq futures support
symbols: emini = nqm1 / big contract = ndm1
2395.00-2393.50
2384.00-2383.25
2374.50-2373.50
---------------------------
REMINDER:
Real Time subscribers can view these updates, and also get
real time instant messages, on the web at this site:
http://www.tradestalker.com/RBIchat.htm
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
*************************************************
No comments:
Post a Comment