TradeStalker's
Support and Resistance Update
1 / 18 / 2011
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 1/18/2011
The ES popped up to 1290.50 on the open on Tuesday, and then
dropped to 1286.50 before turning back up. Not able to stay
under 1287 for very long, the bids came back in and the
market started a grinding move to the upside. The 1291.75
resistance was rejected after 2 pm, but just a small dip to
1289.50 was reversed quickly and after the 1291.00 early
high was broken and held, the futures made a run to new
highs right at their close.
The earnings reports after the close were well received so
there should be follow through buying on Wednesday. The ES
is closing in on the 1300 area, and if the NQ can keep its
bid, the ES should get pulled up with it, and possibly
attempt to reach the 1297.50-1298.50 zone.
However, should the market pop up early and then reverse
(especially from 1297.50-1298.50) and not defend the initial
support areas, a top of some sort should be in place. After
9 straight up days to new 52 week highs by the Nasdaq
futures, the market will be pulling back/ selling off soon.
If there is early strength that reverses the initial
resistance areas, it should be a good reward/ risk
opportunity on the short side for a pullback towards the
initial support areas, at least.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1297.50-1298.50
1300.50-1301.50
1305.50-1306.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1292.75-1292.50
1291.00
1289.50-1288.50
1286.50-1286.00
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2335.75-2337.50
2342.50-2344.25
2352.50-2353.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2327.50-2326.75
2323.50
2318.75-2317.75
2310.75-2308.75
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Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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