TradeStalker's
Support and Resistance Update
11 / 23 / 2010
(Published Since 1996)
...............................................
Dateline: 6:04 pm eastern time, 11/23/2010
The ES opened down 15 points on Wednesday and kept going
until reaching the 1177.50-1177.00 zone. A 6 point bounce
then failed at the 1183.00-1182.50 support turned resistance
area, and then an 8+ point drop to 1174.75 followed. A
bounce back to 1182.25 reversed and the ES dropped 5.75
points to 1176.50. A bounce then went over 1180 and turned
right back down and the futures dropped into the close.
On Wednesday there is a lot of economic data released before
the open, and then the New Home Sales number at 10 am. The
market looks to be in for trouble again unless the ES can
get over the initial resistance, and hold instead of quickly
reversing. Things have changed and a test of the 1172-1171
low area from 11/16 could be in the cards short term and
that would be a key test. The way the market is acting, if
that area is broken the downside could gather momentum.
So, if there is a pop up to the 1180 area early on Wednesday
it should set up a very good shorting opportunity. If there
is a test of 1172 and the market firms up, then a decent
short covering bounce is possible. If that does occur, it
still should have a hard time holding over 1177 if the
market is weak. Lastly, should the ES get over 1180 and
hold, instead of quickly reverse, then trends will turn
up and make a decent rally possible.
Have a great Thanksgiving Holiday! The next nightly update
will be sent on Sunday evening.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1180.00-1180.50
1184.25-1185.00
1187.75-1188.25
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1177.00-1176.50
1174.50
1172.00-1171.00
1167.75-1167.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2120.50-2121.75
2125.50-2126.25
2132.50-2133.50
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2112.00-2111.50
2108.50
2104.00-2102.50
2094.25-2092.75
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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