TradeStalker's
Support and Resistance Update
11 / 11 / 2010
(Published Since 1996)
...............................................
Dateline: 6:42 pm eastern time, 11/11/2010
The ES opened down 8.50 points lower and bounced, but the ES
held under 1207.50-1207.00 support on the bounce, and the
selling took the ES to 1202.00 (1 tick over Wednesday's
1201.75 low) before turning up. The first decent bounce
stalled out after getting to 1209.50, then a pullback found
support just above 1204 and based out before running up to
1209.00 shortly after noon. A small pullback held at 1206.00
and then a rally to the 1212.50-1213.50 prior key support
turned resistance and backed off. The pullback held at
1208.00 and then bounced into the close.
The intermediate term internal gauges tried to repair
themselves, but have rolled over again. The sentiment is
still overly bullish, and is a negative. The snap back rally
after a double bottom on the ES along with an over-reaction
by the NQ being reversed, was plus as the market stair
stepped higher throughout the day on Thursday. Still, the
market closed lower across the board. A close under 1213 on
the SP500 cash on Friday would start a 1-2-3 type top on the
daily chart.
FRIDAY...So, it looks like Friday is shaping up to be a key day short
term. We get the Michigan Sentiment sentiment report 25
minutes into trading. For now, as long as the initial
support is held, the trends are still up and a push higher
is still likely before any kind of trouble occurs. There was
an inside day on Thursday, so a move over the 1213.25 level
breaks the string of lower lows and would open the door for
another test of the 1216.50-1217.00 area again. A failure to
break/ hold that area will put the market back into trouble
and a pullback would need to hold over the 1212 on the ES
then to avoid trouble, and possibly give a 1-2-3 top on the
close.
If the initial support is not defended on Friday, then a
high should be in place and bounces will then be selling
opportunities to at least the 1204.50 area on the ES. The
1212 area would be the first good resistance if that 1208
area is broken but reversed. If broken and not quickly
reversed, then the 1204.50 area should be cut through on the
way to breaking that 1202 double bottom from Wednesday /
Thursday. A test of 1199.50-1199.00 would be likly if
1202 breaks.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1212.50-1213.25
1216.50-1217.00
1219.00-1219.50
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1208.50-1208.00
1204.50-1204.00
1202.00-1201.75
1199.50-1199.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2175.50-2176.50
2186.50-2187.50
2191.75-2192.50
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2167.00-2166.00
2156.50-2155.50
2151.00-2149.75
2142.25-2140.50
During the day our subscribers are updated frequently in our
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CLICK HERE to read the log.
Good Trading,
Mike Reed
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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