TradeStalker's
Support and Resistance Update
7 / 20 / 2011
(Published Since 1996)
...............................................
Dateline: 7:16 pm eastern time, 7/20/2011
Before the open I instant messaged that "this gap up will be
sold", and the ES popped up to 1326.75 and dropped to 1319.26
before noon. A bounce back double topped at 1326.00 and
reversed, giving a drop to 1320.50 before the close.
The indicators are no longer oversold, plus we got 1 VIX
sell signal on Wednesday. The ES double topped at the 1336
area and closed poorly, a bearish signal. On Thursday we get
the Jobless Claims before the the open, and then the Philly
Fed and Leading Indicators released at 10 AM.
As long as the 1324 level, or more importantly the 1326 area
on the ES is not cleared/ held on a dip, the market is in
for a decent sized pullback. A higher open would be a gift
short. If there is a big down open, a short covering bounce
can occur in the first 90 minutes or so. If that happens, a
bounce to the 1320 area would then be the first good
resistance for a turn back down. Bounces shouldn't stick
unless the market gets to a lower level were there is
support and a stall/ reversal occurs, and then the market
gets upside momentum and gets through the 1320.50 area on
the ES and holds that area. Don't count on that on Thursday.
A move to the 1313-1312 area on the ES will likely be seen
before any kind of decent bounce occurs, maybe as low as the
1308.50-1307.50 area.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1323.50-1324.00
1326.75-1328.00
1331.50-1332.50
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1320.50-1320.00
1316.50-1315.50
1312.50-1311.50
1308.25-1307.50
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2386.50-2388.25
2393.75-2394.50
2408.50-2410.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2381.00-2380.00
2370.75-2369.75
2364.00-2362.50
2356.00-2354.50
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http://www.tradestalker.com/RBIchat.htm
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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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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