TradeStalker's
Support and Resistance Update
6 / 29 / 2011
(Published Since 1996)
...............................................
Dateline: 8:23 pm eastern time, 6/29/2011
The ES opened higher and at the 1297.50-1298.50 resistance
and pulled back to fill the gap. A pop back up failed after
that, then a pullback to 1292.75 happened in the first 60
minutes and the market turned back up. A trend up move to
the 1305.50-1306.50 area on the ES lasted until around 2 PM
and the ES dropped back to the 1297.00 level. That move was
reversed and the market rallied back to test its highs by
the close.
We had the back and forth day on Wednesday but the averages
still closed up for the day. The SP500 cash gained 10+
points for the 3rd day in a row, and the end of quarter
upside bias kicked in from a modest oversold state. The
internal gauges are mostly overbought at this juncture. My
RBI Oscillator is in sell territory and my 3 day thrust
oscillator is at +.82 (+.50 normal extreme). The Vix gave 1
of 5 possible sell signals.
The last day of the quarter should have trouble holding
gains on Thursday. The Wednesday trading ended in uptrends
so an early pop up should be sold in to. If that sets up, a
reversal is a shorting opportunity. If that happens, a
pullback needs hold the 1297.50-1297.00 area at the worst to
avoid reversing direction. If that holds, then the market
can stay in bullish mode. However, if that area is not
defended, then another decent sided pullback should be in
gear. A test of the 1292.50-1292.00 area would then be a
major area to hold to avoid going back under 1290 on
Thursday/ Friday morning.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1305.50-1306.50
1308.00
1312.00-1312.50
1317.50-1318.50
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1297.50-1297.00
1292.50-1292.00
1288.25-1287.25
1282.25-1281.50
1277.25-1276.50
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2295.00-2295.50
2301.00
2308.50-2310.00
2318.00-2320.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2280.25-2279.25
2275.00-2274.25
2267.50-2266.50
2250.50-2249.75
2238.50-2237.50
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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), and (DOG)
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