TradeStalker's
Support and Resistance Update
11 / 2 / 2010
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 11/2/2010
The gap up open reversed after 30 minutes from 1192.00 on
the ES (just under the 1192.75-1194.00 major zone) and
pulled back to 1186.50 (the initial resistance at 1186.00-
1185.25 turned support) before getting footing and turning
back up. A grind higher to 1193.00 was sold, and a pullback
to the updated 1189.50 area held/ reversed and the futures
rallied back to the 1192.75-1194.00 major zone at the close.
On Wednesday we get election results, the the ADP Employment
change release before the open, then the Factory orders and
ISM Services index releases 30 minutes into the trading day.
In the afternoon then we get the Fed decision on interest
rate policy and QE2 comments around 2 pm. Trade lightly
until a good trend is established.
The market is at new highs for the move, and the third try
to clear the 1193 area and hold is next. The trends are up
on all time-frames, so as long as the 1190.00-1189.25 area
on the ES is held on a pullback, the bulls will be in charge
and no damage is done. If that is broken, then bounces will
be sold... especially if the initial resistance is rejected
for a third time. This move is not confirmed by the internal
gauges, so a momentum high should be in place. A move
towards the 1197.75-1198.75 area will be hard to break
unless the market goes into a melt-up mode, in which case
1202 or higher could be seen. A close back under 1183 on the
ES is what it would take to put in a top.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1193.50-1194.00
1197.75-1198.75
1202.00-1202.50
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1190.00-1189.25
1183.00-1182.50
1178.50-1178.00
1173.75-1173.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2153.75-2154.50
2162.50-2164.00
2169.75-2171.25
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2146.75-2146.00
2133.25
2123.50-2122.75
2115.00-2114.00
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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