TradeStalker's
Support and Resistance Update
1 / 5 / 2011
(Published Since 1996)
...............................................
Dateline: 6:06 pm eastern time, 1/5/2011
The market opened lower on Wednesday, but quickly turned
back up and held over the initial support zones on a
pullback and the market stair stepped higher in trend up
mode to 1273.00 on the ES by 12:45 pm eastern time. The 1270
level was able to hold on a pullback, and then the ES
churned between 1273.75 and 1270.25 going into the close.
The market continues to be amazingly resilient, as the
market held a good bid on dips all day on Wednesday. The
daily indicators are not yet overbought and sentiment has
not reached an extreme just yet. That 1270 area now needs to
be defended to avoid a reversal pattern and trigger a bit
more selling. Otherwise, the bulls remain in control and the
upside can continue for part of another day or maybe two
before we get a reversal up here.
On Thursday we get the Jobless Claims before the open. If
the market opens higher, that should set up a shorting
opportunity for a test of the 1270 area. If that area is
broken, and then the ES cannot reverse back from around the
1268.50-1268.00 area, then it should mean there is a selloff
coming that could get the ES down to the 1263.75-1262.75
zone on the ES. If that area is reached, and the move stalls
or reverses back up, then a decent bounce back towards the
1270 area would then be possible.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1273.00-1273.50
1275.50-1276.50
1278.00-1278.50 *next key areas
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1270.50-1270.00
1268.75-1268.25
1263.75-1262.75
1258.50-1258.00
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2271.50-2272.50
2276.50-2278.00
2281.25-2282.50 *next key areas
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2268.50-2267.50
2263.00-2262.00
2252.75-2251.50
2243.00-2241.50
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
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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
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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
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is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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