TradeStalker's
Support and Resistance Update
6 / 16 / 2011
(Published Since 1996)
...............................................
Dateline: 10:45 pm eastern time, 6/16/2011
The ES opened flat, dipped to just over 1258 support then
bounced to 1264 resistance and stalled. From the 1264.50
high a sharp drop to test yesterday's lows came on Philly
Fed release, and a very sharp run up to the 1266.75
resistance stalled out. A pullback held the new 1261.50
support and ran to a higher high at 1269.00. The ES pulled
back to 1264.50 new support and bounced, but failed to make
a higher high and rolled over. The drop took the market to
the key 1252.00 area on the ES and within 13 cents of the
200 day moving average on the SP500 cash, and reversed back
up. The move was a strong trend up move as the ES made it
back to 1264.00 just before settlement.
The market has most of the ingredients present for a decent
short term low. The Vix exploded on Thursday, then reversed
and that gave 2 of 5 possible Vix buy signals. Other
internal gauges were at extremes near the Thursday low but
were relieved a bit by the late rally. The could be one more
push lower, but it looks like the worst is behind us short
term as long as the Thursday lows are held.
On Friday look for early strength to be sold in the first
15-30 minutes, and then give a decent pullback. If that
plays out and a pullback gets footing around the 1258.25-
1257.50 area on the ES and the 2186.75-2185.75 area on the
NQ, then a good bounce back should follow if a low is in
place. If that doesn't hold, then a re-test of the 1252 area
on the ES is possible but that should be bought if it gets
back there. On the upside, a run up towards the 1273.25-
1274.00 area on the ES is possible, but should be about it
before a decent drop occurs.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1265.75-1266.25
1269.00-1269.50
1273.25-1274.00
1276.50-1277.00
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1261.00-1260.50
1258.25-1257.50
1252.50-1251.50
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2199.25-2200.25
2207.50-2208.25
2213.50-2214.25
2222.25-2224.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2193.00-2192.50
2186.75-2185.75
2176.50-2175.50
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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This publication's primary focus is trading the index
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