TradeStalker's
Support and Resistance Update
1 / 19 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 1/19/2011
The market opened lower on Wednesday, under initial support
zones, and the ES dropped to 1286 support before bouncing.
The ES rejected the 1288.00-1288.50 zone and dropped to
1281.75 before another small bounce. That failed at 1283.50-
1284.00 updated resistance and the trend down move then
finally reached the 1276 target on the way to 1275.00. With
less than 30 minutes left in stock trading, the market found
buyers/ shorts covering and bounced back into the close.
The market finally broke down and put a dent in the upside
momentum. However, after a 20 point drop on the ES from
1295.00 to 1275.00, the move down lost some steam late on
Wednesday and ran up in the last 25 minutes of trading. That
could be because there are a lot of economic releases out on
Thursday. We get the Initial and Continuing Claims before
the open, and then the Existing Home Sales, Leading
Indicators and Philly Fed releases 30 minutes into the day.
On Thursday look for early strength to set up a shorting
opportunity, especially if the initial resistance is not
cleared/ held. If that plays out and the Wednesday lows are
broken by just a just a little bit and then reversed, then a
decent rebound could occur. Still, it would fail to break
and stay over the 1280 area if the market is weak. If that
initial resistance is cleared, and then can hold on a dip,
then one more push towards the 1283.50 area could be in the
cards (or towards the 1287.75-1288.25 zone at the most)
before the downside starts again.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1280.00-1280.50
1283.00-1283.75
1287.75-1288.25
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1275.00-1274.50
1271.75-1270.75
1268.50-1268.00
1265.00-1264.50
1262.00-1261.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2302.00-2303.50
2311.00-2312.25
2316.00-2317.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2293.00-2291.50
2288.25-2287.50
2284.00-2283.25
2279.50-2279.00
2274.50-2273.50
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
futures ($ES_F)and($NQ_F). However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
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