TradeStalker's
Support and Resistance Update
11 / 29 / 2010
(Published Since 1996)
...............................................
Dateline: 6:06 pm eastern time, 11/29/2010
The gap down open was reversed from the 1177.75-1176.50
support zone, bounced to the 1182.50 area and failed and the
trend down resumed. The 1172.00-1171.00 zone was tested and
a bounce to 1180.00 stalled out. Another drop made it to
1173.50 where the market tried to double bottom. The bounces
couldn't clear and hold 1179 until just after 2:20 pm, and
when that was taken out the market went into trend up mode,
holding support on the way to testing the 1189.50-1190.50
zone. The bids dried up and the ES dropped 4.50 points to
1185.50 just before the close.
On Tuesday we get the Chicago PMI 15 minutes into the day
then the Consumer Confidence survey release at 10 am. We had
a successful test of the major support at the 1172-1171 area
on the ES on Monday, and a good rally in the afternoon. A
good deal of that was shorts being squeezed, but buyers did
pile on and now the ES is up against pretty good resistance.
On Tuesday look for early strength to be sold, and if the
market obliges then the first decent pullback should be
reversed to set up a trade on the long side. A pullback
should hold the initial support if the market is going to
stay strong. If that is not defended, then the 1180.25-
1179.25 zone should be key support on a deeper pullback.
That was the transition area on Monday and should be seen as
a gift by holding and reversing from that zone, or else
another trip to the 1172-1171 area is in the cards (a third
time would likely break).
**My son has an awards banquet on Tuesday night, so
a nightly update might not be doable. I'll do my
best to send the support and resistance tables and
a short note if time permits.**
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1189.50-1190.50
1192.75-1193.25
1197.50-1198.00
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1184.00-1183.25
1180.25-1179.25
1175.50-1175.00
1172.00-1171.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2150.25-2151.00
2156.00-2156.75
2164.50-2165.50
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2138.75-2137.75
2130.25-2128.75
2121.50-2120.50
2116.50-2114.75
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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This publication's primary focus is trading the index
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