TradeStalker's
Support and Resistance Update
6 / 23 / 2011
(Published Since 1996)
...............................................
Dateline: 6:34 pm eastern time, 6/23/2011
** Hope to be back in the instant messenger room Monday.
Thanks to everyone who has sent well wishes! **
A very quick update tonight. The market was weak early and
rallied off of a decent support area at the 1257.00 area.
There was a pretty good pullback off of the 1270.00 area
on the ES, but that pullback was bought and the market was
able to rally into the last hour.
On Tuesday night my wife Julie sent out a note saying
that we had one of five vix sell signals and that the
RBI Oscillator was in sell mode. In last night's update
I reminded that the RBI Oscillator was still in sell
mode but that also the VIX gave one sell signal. I
mentioned that Thursday was expected to be a two sided
day. The good washout down to 1257.00 was enough to get
a decent bounce back in gear. Thursday started with a
big gap down open and after reaching 1257.00 on the ES
buyers came back and a decent oversold bounce took the
ES back to almost 1280.00 by the close filling the gap.
As for Friday finally all of the indicators are in neutral
territory. Look for early strength to be sold into as it
should make a good shorting opportunity. Especially if 1280
on the ES is reversed. On the downside if there is another
decent pullback then the 1261.50 area needs to be held, or
reversed quick if broken to avoid more breakdown and
possibly going towards the 1252.00 level, that is the low
so for the move.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1280.50-1281.00
1284.50-1285.25
1290.75-1292.50
1297.50-1298.50
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1270.00-1269.75
1262.00-1261.50
1257.00-1256.50
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2249.50-2250.50
2258.85-2260.20
2270.00-2272.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2235.00-2234.00
2218.00-2217.50
2208.00-2206.50
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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
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This publication's primary focus is trading the index
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