TradeStalker's
Support and Resistance Update
7 / 13 / 2011
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 7/13/2011
***NOTE: There will be no update for tomorrow evening***
The market opened higher on Wednesday, as the ES reached
1318.25 before pulling back. That pullback held at 1314.00,
and then the market took off to the upside. A good rally up
to the 1326.50-1327.00 zone on the ES followed, and then the
move stalled out. A little pop up to 1327.75 was sold just
before noon, and then the market pulled back. The first dip
held at the 1323.75 level, and then a bounce up to the
1326.50 level failed and then the market started a trend
down move to the 1310.50 level with 15 minutes left in stock
trading. That was Tuesday's closing range, and the unchanged
level for the day, and a small bounce back to 1314.25
occurred just before the close.
In the Tuesday night update it was stated that we could get
an oversold bounce, but that bounces should still set up the
better opportunities, and that sure was the case on
Wednesday. From top to bottom the ES dropped 17.25 points
into the close on Wednesday. This still is a market that is
acting horribly. The reversal and close below the 1312 level
again keeps the pressure on. A day like Wednesday put a lot
of buyers under pressure. It just builds more resistance to
push through to get anything going on the upside. Even if
they do get a move higher, the buyers are likely going to be
holding those positions if there's any sign of a turn back
down.
So, on Thursday stick with selling bounces. A drop back down
below 1300 still may be in the cards. First, however, we'll
need to see how the ES handles the 1308.50-1308.00 area that
was tested on Tuesday. If there is a move under that level,
and it is not quickly reversed back to the upside (and then
held on a pullback) then a move down to the 1298 area could
be in the cards before this selloff is over. If they get
down to the 1298 area on the ES, we should see the market
get turned around, unless things are really unwinding to the
downside. In order to get out of trouble on Thursday, it
looks like the ES needs to get back over the 1312 area and
hold above that. Even if that spurs a rally, a move back
towards the Wednesday highs will still likely be sold into.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1317.50-1318.00
1321.00-1321.50
1327.75-1328.25
1333.00-1334.00
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1311.50-1310.50
1308.75-1308.00
1305.50-1305.00
1298.50-1297.75
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2357.50-2358.25
2363.00-2363.75
2371.50-2372.50
2380.75-2382.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2343.00-2342.25
2338.75-2337.75
2333.00-2332.50
2324.50-2323.75
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
guarantee that future results will be profitable.
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This is not an endorsement or recommendation of the SP500
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