TradeStalker's
Support and Resistance Update
6 / 19 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 6/19/2011
Last week was full of big gap opens. On Friday the ES gapped
up 11 points at 1275.00 and that was sold. A drop to 1267.25
followed, and then the market bounced back. A bounce to
1273.00 was rejected, then a failure at 1272.25 set up a
short before the triangle pattern was broken. That brought
on the move to 1263.25 (1264-1263 was the target) and a
bounce back to 1270.00 followed. That move stalled and then
rolled over and the ES dropped to 1261.50 with an hour left
in stock trading. A fast reversal took the market back to
test the last bounce highs but fell just short, as the ES
ran out of steam and dropped back to 1265.00 just before
settlement.
The Vix reversed and closed down on Friday. That gives 3 of
a possible 5 Vix buy signals in my work. That's the only
bullish indicator, as Friday's up close erased most of the
oversold signals. If there are higher prices ahead, the
market may need to go lower before getting turned back up.
The 1270 area on the ES was rock solid resistance and would
need to be cleared to try turning the market up. TRhat area
on the ES along with the NQ getting back over its 2195.25-
2196.25 resistance, and not failing, will be needed to get
things in sync in uptrends.
That said, favor selling the bounces to support zones before
looking for a tradable bounce on Monday morning. Look to
sell early strength as soon as the upside fizzles out on
Monday morning. If that plays out and then a drop to initial
support is held, a decent bounce should set up. If that area
is broken and no reversal, then last Thursday's lows should
be very good support if reached again and there is a sign of
turning. If the market gets back down there it should set up
a very good buying opportunity to be on the lookout for.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1269.00-1270.00
1274.50-1275.50
1280.50-1281.00
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1262.50-1261.50
1258.25-1257.50
1252.50-1251.50
1244.50-1244.00
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2195.00-2196.25
2203.50-2205.00
2213.50-2214.50
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2184.00-2182.50
2176.50-2175.50
2166.50-2165.50
2154.00-2152.50
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Good Trading,
Mike Reed
TradeStalker.com
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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