TradeStalker's
Support and Resistance Update
6 / 27 / 2011
(Published Since 1996)
...............................................
Dateline: 8:36 pm eastern time, 6/27/2011
The ES opened slightly higher at 1264.25 and the traded down
to 1261.75, which was in the initial 1262.00-1261.50 support
zone. That 1261.75 was reversed and the market traded up to
1269.25 (in the 1268.75-1269.50 initial resistance zone)
where it stalled and pulled back to 1266.75 before trading
up to a new high of 1273.50 just after 10:30 AM. After
reaching 1273.50, the market stalled and pulled back to the
test 1269.25. The test of 1269.25 reversed and the ES
traded back up to 1274.75 just after noon, where it stalled
again before putting in a double top type pattern around
1:20 PM and traded back down to 1271.25 before reversing
again and trading back up to the daily high of 1280 around
2:50 PM (in the 1279.75-1280.50 resistance zone). 1280 was
rejected and the market traded down to 1277.25 before
bouncing back up to 1279.50 and then reversing and trading
down to 1274 just after 4 PM before finally settling at
1276.75.
The market is still in a big trading range, and must now get
over 1280 on the ES and hold to keep the upside from
aborting again. Even then, it's doubtful it will be able to
keep going on back to/through the 1284.50-1285.25 area
before a good sized pullback occurs. Look for early strength
to be sold near the initial resistance if a stall/rejection
there occurs.
On the downside, the bulls stay in charge as long as the
initial support areas hold. A break opens the door to test
the 1271.25-1270.50 zone on the ES. A reversal there sets up
a good buying opportunity. However, if that area breaks and
is not reversed quickly, then the market gets back into
trouble again on Tuesday.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1279.75-1280.50
1284.50-1285.25
1291.50-1292.50
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1274.00
1271.25-1270.50
1266.50-1265.75
1262.00-1261.00
1258.00-1257.00
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2259.50-2260.50
2268.50-2269.50
2282.50-2284.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2245.00
2242.00-2240.50
2216.00-2215.50
2211.00-2209.75
2206.50-2205.50
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Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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