TradeStalker's
Support and Resistance Update
1 / 17 / 2011
(Published Since 1996)
...............................................
Dateline: 4:36 pm eastern time, 1/17/2011
The lower open on Friday was reversed, and after breaking/
holding the 1278.50 level the move was trend up to the top
of the recent range. We did buy a small put position, but
traded around that with the ES as all the dips were to a new
updated support (1284.50, then 1287.00 as the last support)
on the way to 1290.00 by the close.
The market is in a melt up mode, despite technical extremes.
The pullbacks are relatively small, then it's back to the
upside. This is flabbergasting that the market refuses to
pull back even a little, and is turning into a mania that
likely ends soon. The market has gone up for eight straight
weeks, and without having anything more than a pullback of
one-third of one percent. That's 1/3 of 1% if numbers look
different, but amazing how ever you look at it.
In any case, the stair step higher will continue unless the
1287.00 level on the ES is broken, then held as resistance
on a bounce. Even then, the 1284.50-1283.50 zone should also
be important, as it was the old high area from 2 weeks ago.
So, there is good support to defend below. On the upside,
the ES could try for a test of the 1300 area before coming
back down, possibly hard for the first time in months, if
the 1291.75-1292.50 area is not rejected up here.
On Tuesday look to sell early strength that stalls/reverses
from initial resistance in the first 40 minutes at the
latest. If that plays out, and then the first decent
pullback holds near the 1287.00 area, cover and get long for
a continuation of the uptrends. If there is no hint of
holding the 1287 area, then the 1284.00 area could be a
magnet before a bounce occurs. If they get down there, the
market should rally back and not stall/ reverse from the
1287 area to avoid further downside. If that break/hold under
the 1287 area is what happens, then the major support is now
at the 1277-1276 area on the ES.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1290.00
1291.75-1292.50
1294.00
1297.50-1298.50
1301.00-1302.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1287.50-1287.00
1284.50-1283.50
1280.50-1280.00
1277.50-1276.75 Major
1273.00-1272.25
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2323.00
2325.50-2326.50
2330.50
2337.50-2338.50
2342.25-2344.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2317.50-2316.75
2312.50-2312.00
2306.25-2303.75
2298.50-2296.50 Major
2285.00-2283.50
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Good Trading,
Mike Reed
TradeStalker.com
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),
(DIA), and (DOG)
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