TradeStalker's
Support and Resistance Update
1 / 26 / 2011
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 1/26/2011
The gap up open was sold from the 1290.50-1292.00 resistance
and the pullback to 1288.25 to fill the gap stalled before
turning up and running to 1296.00. A pullback held the
1291.00-1290.50 new support area and rallied back to 1296.50
and was rejected. A pullback held 1293.00 and popped back up
to test/ reject 1296.50 one more time then pulled back into
the close.
The market should pull back towards the 1288 area on the
ES at least as long as the 1296.50-1298.00 area on the ES is
not exceeded now. That area was rejected on Wednesday, and
should be hard to get through and not reverse.
On the down side, the market has had a good bid on the
deeper drops as soon as the downside stalls out. IF that
continues, and the market firms up after a decent sized
pullback occurs (especially on a test of the 1288 area on
the ES), then beware of yet another rally attempt. However,
if the ES cannot defend that area, then the trends reverse
and a top on Fed day may be in place.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1294.50-1295.00
1297.75-1298.50
1301.00-1301.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1292.00-1291.25
1288.25-1287.50
1283.00-1282.50
1277.50-1276.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2317.50-2318.25
2323.50-2324.25
2330.25-2332.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2313.00-2312.50
2308.00-2307.50
2299.50-2298.50
2293.50-2292.50
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Mike Reed
TradeStalker.com
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