TradeStalker's
Support and Resistance Update
1 / 3 / 2011
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 1/3/2011
The ES gapped up almost 6 points over the Friday high and
kept going in trend up mode until around 11:40am. The ES
made it to updated resistance at 1272.50 and then the ES
stalled and churned between 1271.25 and 1269.75 new support
going into the afternoon. After the 1269.75 level broke it
turned into resistance and the ES backed off to 1264.50, a
level seen in the first 15 minutes of trading, just before
settlement.
The ES was unable to hold over 1270 and now a test of the
Monday highs will set up a very good shorting opportunity.
The market broke its range on a closing basis, but the big
open left a gap on the daily, weekly, monthly, and yearly
charts so far. Odds are pretty good that we revisit that
area on a pullback fairly soon.
We get the FOMC Minutes at 2pm on Tuesday. If nothing else
it should help keep the market somewhat volatile. The
futures settled under fair value so a modestly lower open is
priced in. If the market does open lower, it should give a
snap back rally of 3-4 points on the ES, and that first
decent bounce should set up a shorting opportunity then when
the upside stalls out. That will be the case as long as the
1270 area is not exceeded and held, instead of reversing as
it should if the market is going into pullback mode.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1269.25-1269.75
1272.50-1273.00
1275.50-1276.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1263.25-1262.75
1258.50-1258.00
1255.25-1254.75
1252.00-1251.25 Bookmark
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2255.00-2256.00
2260.50-2261.00
2266.00-2267.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2247.75-2246.75
2237.50-2236.50
2230.75-2229.50
2225.50-2224.50 Bookmark
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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