TradeStalker's
Support and Resistance Update
8 / 4 / 2011
(Published Since 1996)
...............................................
Dateline: 7:56 pm eastern time, 8/4/2011
The ES open down more than 15 points on Thursday and kept
on going. A choppy trend down move two 1212.25 occurred
before noon, and then bounced back to the 1228 updated
resistance shortly before 1 PM. The market rolled back
over from there and they ES dropped to 1209.25 and then
bounced again. A little double top was made at 1219.50 on
the ES and then in the last hour the market headed down
again as they ES took out the 1200 level on the way to a
low at 1293.20 5c before the close.
The market has been oversold, but we stayed with the
downside momentum until something changed pricewise. On
Thursday the Dow lost more than 500 points and the S&P500
lost more 60 points. Prices are getting decimated as all
the bounces fail, and mostly at new dynamic resistance
areas. Right now it looks like the ES will need to get
back over the 1219.50 area and hold above that in order to
dent a downtrend on a very short-term basis.
On Friday we get the employment information before the
open. If there is going to be anything that can spark an
oversold rally, it will need to be a really good number.
If that occurs, then it's possible that we could see a
pretty good run on the upside. Even if that occurs, given
the recent damage and it being a Friday, I don't think
that a good bounce is going to stick. They could rally up
to the 1228 area and stall out, that should set up another
pullback.If a turn doesn't come from that area, then a
move up towards the 1233 area should turn the market back
if it is still weak.
If the number is not taken well on Friday morning, and the
market opens lower, then expect a reversal back up to
occur after about 60 to 90 minutes into the trading day.
If the market drops early and cannot turn around in that
timeframe, then we could be in for another bad day. If we
do get a reversal back around that timeframe, then a move
into the lunchtime trading could follow before the market
has another intraday pullback.
September 2011 SP futures resistance
symbols: emini = esu1 / big contract =spu1
1210.50-1211.50
1219.00-1219.50
1228.00-1229.00
1234.50-1235.00
September 2011 SP futures support
symbols: emini = esu1 / big contract =spu1
1193.25-1192.50
1188.25-1187.50
1282.00-1181.00
trouble if broken
September 2011 Nasdaq futures resistance
symbols: emini = nqu1 / big contract = ndu1
2228.50-2229.75
2246.00-2247.00
2262.50-2264.25
2274.50-2276.00
September 2011 Nasdaq futures support
symbols: emini = nqu1 / big contract = ndu1
2196.00-2295.00
2188.75-2188.00
2178.00-2176.50 major
---------------------------
REMINDER:
Real Time subscribers can view these updates, and also get
real time instant messages, on the web at this site:
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.
www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
*************************************************
No comments:
Post a Comment