TradeStalker's
Support and Resistance Update
1 / 13 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 1/13/2011
A quick update late last night stated that an early rally
would be a short, and also gave the 1279-1278 area on the ES
and the 2298-2296 zone on the NQ being key. The ES dropped
to 1277.75 and NQ to 2298.00 and reversed in the first hour,
then rallied into early afternoon. The move stalled out at
1283.00 and then reversed and drifted to 1276.25 on the ES
and the 2298-2296 zone on the NQ at 3:30 pm. A short
covering rally took the market back to test the highs but
just missed and the futures backed off into the close.
The market got good earnings after the bell and should open
higher on Friday if the CPI and Retail Sales numbers are not
bad. The Michigan Sentiment survey 25 minutes into trading
could be a market mover too. The market hasn't had a decent
pullback of even 10 points on the ES since 1/4 and 1/7 at
the 1258 area. Some good odds shorts set up along the way,
but they don't give much downside before bouncing back. The
melt-up move should last another day, or part of one anyhow.
On Friday there should be follow through buying so if there
is early weakness it sets up a buying opportunity for a
rally back to a new high for the move or higher. If the
market opens higher, a reversal from the 1284.50 area on the
ES should only cause a small pullback of 3-4 points at most
if the move up is going to continue. If there is a drop of 4
ES points or more, then a chance of testing the Thursday
lows would be possible. The 1276 area on the ES, the 2296
area on the NQ and the 11700 level on the Dow cash will all
be defended if the market is going to stay away from trouble
and stay in trend up mode.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1284.00-1284.50 *key
1286.75-1288.00 *major
1291.75-1292.50
1299.00-1301.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1279.00-1278.50
1274.50-1274.00 *key
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2309.50-2311.00 *key
2315.50-2316.25 *major
2322.50-2324.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2300.75-2300.25
2294.00-2292.50 *key
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
guarantee that future results will be profitable.
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This is not an endorsement or recommendation of the SP500
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