TradeStalker's
Support and Resistance Update
1 / 23 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 1/23/2011
The market gapped up on Friday (8.75 points on the ES) and
the ES reached its 1287.75-1288.25 zone (1288.00 high) while
the NQ reached the 2299.00-2300.50 zone (2299.75 high) and
the market rolled over and went trend down until around
noon. Our 1280.25 level to cover shorts was reached (about 7
ES points, and 23 NQ points) as the ES found support at
1279.00 and started a choppy move higher. Updated resistance
at the 1282.50-1283.00 area was rejected all afternoon, and
was a re-short as the ES fell to test the 1278.25 level,
which started as initial resistance for the day before a gap
up open, just before stocks closed.
The oversold rally happened on Friday's open, and then the
market spent the day giving back gains. The Dow made a new
52 week high by popping over 11900, but the Nasdaq futures
were trend down all day, losing 34 points from high to low.
There are some short term oversold indicators still.
However, the Dow making a new high without the Nasdaq going
with it leaves the market suspect on bounce attempts.
On Monday look to get short if there is early strength and
the move reverses from the initial resistance areas. If that
area is rejected, and then the initial support will need to
be defended on the first pullback in order to avoid a trip
to the 1274.50-1274.00 zone. If they hold and reverse from
that zone, then a decent rebound could occur. If the market
gets back down there, and buyers don't step to the plate and
turn the market back up quickly, then another push lower
towards last week's 1267.50 low (or lower) is likely in the
cards.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1282.75-1283.25
1287.50-1288.25
1291.00-1292.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1279.00-1278.50
1274.50-1274.00
1268.00-1267.50
1265.00-1264.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2277.75-2278.75
2290.50-2291.75
2299.50-2301.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2266.00-2265.75
2258.75-2257.75
2248.50-2246.75
2242.00-2240.50
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Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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This publication's primary focus is trading the index
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