TradeStalker's
Support and Resistance Update
6 / 14 / 2011
(Published Since 1996)
...............................................
Dateline: 10:11 pm eastern time, 6/14/2011
The ES gapped up almost 12 points on Tuesday and pushed
through all listed resistance by reaching 1283.75 before
pulling back. A dip held 1280.50 and a trend up move to
1286.50 followed. A small dip held the 1283 new support and
made another push higher. The ES made a slightly higher high
at 1287.00 while the Dow cash made a double top, and a 6.00
point drop to 1281.00 (just over 1280.50 key support)
followed and then the futures firmed up and settled over
fair value.
The market didn't like it around the 1287 area on Tuesday,
which is just under the June 6th bounce high which preceded
the drop to 1259.50 last week. On the other side of the
coin, the decent pullbacks are getting buyers stepping to
the plate the past few days. The technical gauges are mostly
neutral except for my RBI Oscillator, which is in sell
territory at Tuesday's close. This is a buy negater unless
there is a good set-up to get long at lower prices. A drop
back to the 1277.00-1276.50 area on the ES would need to be
reversed or a move to fill the gap on the daily charts could
be in the cards. To nullify the bearish outlook, the ES
needs to get over 1288.50 and hold over that area.
So, look for early strength to set up a shorting opportunity
on Wednesday. If that plays out, the 1281.00-1280.50 area is
the first support to defend. If it's is not defended, then
the 1277.00-1276.50 area is likely in the cards before a
bounce occurs. If that 1280.50 is reversed instead, then a
move to test or slightly exceed the 1287 high from Tuesday
is possible.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1285.00
1287.50-1288.50
1291.50-1292.25
1297.50-1298.50
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1281.00-1280.50
1277.00-1276.50
1273.25-1272.50
1268.00-1267.50
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2250.00
2254.00-2255.00
2261.75-2263.00
2272.25-2274.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2245.00-2243.25
2238.60-2237.50
2227.75-2227.00
2218.25-2217.50
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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.
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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.
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