TradeStalker's
Support and Resistance Update
10 / 28 / 2010
(Published Since 1996)
...............................................
Dateline: 6:15 pm eastern time, 10/28/2010
The ES gapped up 6 points on the open, then it was basically
a trend down move to the 1176 area (important if more than a
4 point dip) and that area held. The next update stated that
"A bounce to 1180 area should fail" and it did as the ES
reversed after reaching 1180.50. The ES then dropped to
1173.50, at the key 1173.50-1173.00 zone, and then bounced
back to 1180.50 again. A drop then held 1176 and that kept
the market up as the ES made it back to 1182.25 before the
close.
The ES has been in a range all week, with the easier trades
coming from the short side. With the market close to the top
of this range, look for early strength to be sold again on
Friday - especially if there is a pop up towards the initial
resistance and it's rejected in the early going. If that
plays out, then it will be the same as it was on Thursday
but with the 1177 area as the first support that needs to be
defended. If it is not, or there is a break and hold under
1177, then the 1173.50-1173.00 area is still the key
support. The market has been able to recover from the dips,
so if the market gets to that 1173.50-1173.00 area again on
Friday, and it's not quickly reversed, then the week will
end on a down note.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1182.00-1182.50
1184.50
1188.00-1188.50
1192.50-1193.00
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1177.00
1173.50-1173.00 -key
1171.50-1171.25
1167.50-1167.00 -major
1163.00-1162.50 -if a collapse
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2131.00-2131.75
2134.75
2139.75-2140.50
2146.25-2147.50
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2122.50
2110.50-2109.50
2103.50-2102.25
2097.50-2096.50
2088.50-2087.50
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---------------------------
Good Trading,
Mike Reed
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