TradeStalker's
Support and Resistance Update
6 / 26 / 2011
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 6/26/2011
NOTE: I'm far from healthy yet, but will do several
intraday updates this week when able. They will be sent
via Instant Message.
The market had an oversold rally into Tuesday/ Wednesday and
then got to overbought extremes on the daily indicators. The
ES struggled to get over the 1279-1280 area, and on Thursday
and Friday the market traded mostly lower. On Friday the
market was hit with selling that took the ES back to the
1262.00-1261.50 zone just before the close.
All of the daily indicators are in neutral as of Friday's
close. The only thing that is modestly bullish is 3 days in
a row with a closing Trin over 1.00. The market is currently
in a big trading range that needs to avoid rolling over much
more. The 200 day moving average on the SP500 held 2 weeks
ago, and made a low there. It is in an uptrend and sits at
1263.60 coming into Monday.
Still, the market has acted poorly, and unless/until the
market proves strong the bounces should set up shorts. The
initial support areas need defended on Monday to avoid a bad
start to the week for the bulls. If the 1261.50 area is not
held, then the next zones should be in the cards at the
least. If the ES gets back to the 1252.50-1251.50 area, be
on reversal alert as a decent double bottom could be made
and start another good rally back. The market will need to
get over the initial resistance areas, and not pull back any
further than the 1266 area on ES to try getting the market
out of trouble on Monday.
NOTE: I'm far from healthy yet, but will do several
intraday updates this week when able. They will be sent
via Instant Message.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1268.75-1269.50
1274.75-1275.25
1279.75-1280.50
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1262.00-1261.50
1257.00-1256.50 {200D MA area}
1252.50-1251.50 *major
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2223.00-2224.00
2231.75-2233.25
2243.50-2244.50
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2207.00-2206.50
2198.50-2197.50 {200D MA area}
2184.00-2182.50 *major
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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), and (DOG)
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