TradeStalker's
Support and Resistance Update
11 / 10 / 2010
(Published Since 1996)
...............................................
Dateline: 6:22 pm eastern time, 11/10/2010
The 1213.50-1214.00 initial resistance was rejected just
before stocks opened, and then the pop to 1212.50 when
stocks opened was sold and it was straight down to 1201.75
after 37 minutes of trading. The reversal took the ES back
to 1212.25 where it stalled and then dropped to 1208.50 then
turned back up. The ES went to the 1217.00-1217.50
resistance then fell to 1213.00 updated support, and then
the market chopped sideways for the last 2 hours of trading.
The market had a lower low for 3 straight days, the first
time since the August 12th as the market dropped from its
high. The market is on its own on Thursday with the Veterans
Day Holiday being observed. There was after the bell earning
reports that have the market under pressure. It could be
what finally breaks the market down. The sentiment is very
complacent, and at the wrong time.
There is good resistance above, especially at the 1217 area
on the ES and 2187 area on the NQ, and that is the maximum
upside it appears. The 1199.50-1199.00 area could still be
in the cards if the 1213 area is broken and held on a
bounce. Short all bounces on Thursday until the ES gets to
1199.50-1199.00 and reverses, or the 1213 area on the ES is
exceeded and not quickly reversed. If a drop is not reversed
after a quick dip under 1200, then the 1193.50-1193.00 area
could be like a magnet for the downside.
Finally, if you bought puts again per the instant message
with 30 minutes left, use a lower open to cover 1/2 and
keep the rest until otherwise notified.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1216.50-1217.00
1219.00-1219.50
1224.00-1225.00
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1213.00-1212.50
1210.00
1207.50-1207.00
1199.50-1199.00
1193.50-1192.50
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2186.50-2187.50
2191.75
2197.00-2198.00
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2174.00-2172.50
2168.75
2161.25-2160.25
2155.25-2153.75
2141.20-2139.50
During the day our subscribers are updated frequently in our
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 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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research and data believed reliable, but there is no
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