TradeStalker's
Support and Resistance Update
11 / 3 / 2010
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 11/3/2010
The ES was sold at 1193.00 resistance and dropped to the
1190.00-1189.25 key support area before bouncing back to
1192.75. That area was sold again and a drop to 1185.00
occurred before the Fed release. After the release we had
the quick up-down move, and then a trend up move from
1179.50 to 1195.50 lasted until there was an hour to go in
stock trading. A pullback held 1190 and buying came back in
and the market closed at new highs for the move at the
close.
The market is still in uptrends but from here the pattern,
sentiment, and internal gauges are all looking similar to
the late April timeframe. A close back under the 1183 level
would be the first chink in the bulls armor.
For now however, as long as the initial support is held the
market will still be in decent shape and the ES could get up
to around the 1202 or even the 1205 area before a reversal
occurs. However, if either of those resistance areas are
rejected and then the initial support is broken, the trends
will have rolled over and make shorting the bounces down to
the 1185.00-1184.50 area (or lower) the better odds trade on
Thursday.
So, look for early strength to be sold and then the first
decent pullback should set up a buying opportunity if the
move stalls/ reverses from the 1190.50-1190.00 area. If
there is no sign of a turn back up from there, then the
downside could gather momentum.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1198.50-1199.50
1202.00-1202.50
1205.00-1205.50 strong
1207.75-1208.25 key
1212.00-1212.50 major
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1190.50-1190.00 key
1185.00-1184.50
1179.50-1178.50
1173.50-1173.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2164.75-2165.50
2169.75-2171.25
2176.25-2177.25 strong
2181.50-2182.25 key
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2148.75-2148.00 key
2142.25-2141.50
2131.25-2130.00
2123.50-2122.75
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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Disclaimer
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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
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is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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