TradeStalker's
Support and Resistance Update
11 / 17 / 2010
(Published Since 1996)
...............................................
Dateline: 6:15 pm eastern time, 11/17/2010
We came in to Wednesday expecting a 2 sided trading day. The
ES popped up on the open then dropped to 1173.50 about 15
minutes in and reversed back up. The ES sprinted to 1182.00
then backed off. A sideways move between 1181.50 and 1178.00
lasted into late afternoon. The break of 1178.00 set the
stage for a drop, and after it broke a bounce stopped right
at that 1178.00 level for a second chance entry as the ES
dropped to 1173.75 with about 30 minutes left in trading.
The double bottom brought in buying/ short covering back to
the 1178.50 level before the close.
We get Initial Claims before the open, then the Leading
Indicators and Philly Fed at 10am on Thursday. The market is
still oversold, and the Vix gave 2 buy signals at Wednesday.
The ES also has a double bottom in place for now. As long as
the ES holds 1173.50-1173.00 zone, then a decent bounce can
still occur. However, a bounce will likely fail again unless
the ES takes out the 1178.50-1179.25 area, and then holds
that area on a pullback. If there is a move over the
1182.00-1182.50 zone, but then that is reversed, then a
decent pullback should occur and that 1178 area then would
be a key support again.
NOTE: There won't be an update on Thursday night, best
not to forget anniversaries. ;-) ALL intraday updates
will be via Instant Message on Thursday.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1178.50-1179.25
1182.00-1182.50
1186.25
1189.50-1190.50
1194.75-1195.75
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1173.50
1171.00-1170.50
1167.75-1167.00
1162.50-1162.00
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2100.00-2100.75
2108.50-2109.50
2118.75
2126.50-2127.25
2131.50-2132.25
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2088.00
2083.50-2082.50
2077.50-2076.50
2068.25-2067.50
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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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
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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