TradeStalker's
Support and Resistance Update
11 / 22 / 2010
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 11/22/2010
The lower open was reversed and the ES went to the 1197.50
resistance area and double topped in the first 40 minutes.
The ES dropped to the 1188.50-1187.50 zone, but a bounce
stalled under the 1192.00-1192.50 updated resistance and
another drop took the ES to the 1183.00-1182.50 support
before turning up. The move broke over the 1187.50-1188.00
area and the trends changed. The market made higher highs
and lows on the way back to make token higher highs before
the close.
We get the GDP before the open on Tuesday, the Existing Home
Sales number 30 minutes into the day, and then the Fed
Minutes at 2 pm, so the volatility should continue. The ES
reached the 1205 resistance area on Sunday night and the ES
dropped 23 points to the 1182.50 low on Monday, and rallied
back 16 points so far.
The bids have been drying up just under the 1200 level on
the ES. If it is pushed through on Tuesday, and that
1204.75-1205.75 area is tested, beware of a reversal. On the
down side, the trends are up unless the 1192.50-1191.50 zone
on the ES and the 2141.00-2140.00 area on the NQ are not
defended on a pullback. If those are not held, then a test
of Monday's lows is possible.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1198.50-1200.00
1202.00-1202.75
1204.75-1205.75 *key
1207.75-1208.50 *strong
1212.50-1213.50 *major
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1192.50-1191.50
1188.50-1187.50
1184.50
1182.50-1182.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2155.50-2157.00
2163.50-2164.50
2168.75-2169.50 *key
2176.50-2177.50 *strong
2184.75-2185.75 *major
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2141.00-2140.00
2131.25-2130.25
2124.00
2120.75-2119.75
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Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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