TradeStalker's
Support and Resistance Update
12 / 12 / 2010
(Published Since 1996)
...............................................
Dateline: 5:35 pm eastern time, 12/12/2010
A higher open on Friday and the ES peaked at 1232.00 and
then fell to 1227.25 and snapped back up to 1231.00. The
1229.00 was new support, and that held around noon, and a
trend up move to 1235.25 lasted into the 2:20 pm timeframe.
Another 2 point drop to 1233.25 was quickly reversed and a
test of 1235.25 set up a 1-2-3 top. The drop was just 2
points again and right at 1233.25 and then the market
rallied into the close.
Friday turned out to be a trend up day, so expect a more
two-sided day on Monday. The market still has a good bid
come in on the pullbacks when the downside stalls out. Until
Friday afternoon, the moves wouldn't stick on the upside, so
now the key support is at the 1227.25-1226.50 zone. A break
of that area would dent the bigger trend upside momentum.
On Friday the dips were about 2 points on the ES all day
long. On Monday, if there is early strength and it reverses
in the first 20-40 minutes at the latest, then it should set
up a trade on the short side. If there is a pullback bigger
than 2 points on the ES, or a break of the 1234.00-1233.25
zone on the ES and the 2212.00-2211.50 area on the NQ, then
the intraday trends are rolling over and a move towards the
1230.50-1230.00 area, and possibly the key 1227.25-1226.50
area is in the works. However, as long as a dip is just 2
points or holds over the 1233.25 area, then the rally will
still be in gear.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1236.25
1237.75-1238.25 *strong
1241.75-1242.50 *major
1247.25-1248.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1234.00-1233.25
1230.50-1230.00
1227.25-1226.50 *key
1224.25-1223.75 *major
1220.25-1219.75
1217.50-1217.00
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2216.75
2219.75-2220.50 *strong
2225.75-2226.75 *major
2237.50-2238.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2212.00-2211.50
2207.75-2106.75
2198.75-2197.75 *key
2194.50-2194.00 *major
2189.00-2188.00
2183.00-2182.00
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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