TradeStalker's
Support and Resistance Update
11 / 21 / 2010
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 11/21/2010
The market was very volatile last week. After a high on
Monday at 1205.75 on the ES, a nose dive to 1171.00
followed. The market got oversold and gave some buy signals
before the big gap up open on Thursday. The ES couldn't
break over 1199 on Thursday, and opened down on Friday. The
drop to 1187.50 got footing and turned up and a rally to the
1197.50 50% retracement was sold twice. The 1194.50 support
was held and a run to 1200.00 occurred just before the
close.
A 1-2-3 top on the daily chart was triggered on 11/9 and the
SP500 dropped to the 1172 prior breakout area. The internal
gauges were a red flag ahead of the top, and then got
oversold at the support. Now that the market has regained
about half of its losses, the sentiment has turned more
bullish at the high.
There could be more upside, but a shift in sentiment from
this area could start a drop to test or break the recent
lows. The market stair stepped higher on Friday, so the key
will be holding over 1194.50-1194.00 on a pullback. If that
area is not defended, then things will change and selling a
bounce would be in the cards. However, as long as that area
holds, the bulls are still in control and could get the ES
to the 1204.50-1205.75 area before the selling starts.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1200.00
1202.00-1202.75
1204.50-1205.75 *key
1207.75-1208.50 *strong
1212.50-1213.50 *major
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1197.50
1194.50-1194.00 *key
1188.50-1187.50 *major
1183.00-1182.50
1177.50-1177.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2137.00
2139.50-2140.50
2144.75-2145.00 *key
2150.50-2151.50 *strong
2167.75-2168.75 *major
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2132.00
2126.00-2125.50 *key
2120.00-2119.25 *major
2111.00-2110.25
2101.50-2100.50
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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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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
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This is not an endorsement or recommendation of the SP500
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