TradeStalker's
Support and Resistance Update
1 / 10 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 1/10/2011
The ES opened lower on Monday, then bounced from 1260.00 to
1264.25 and reversed back down. That lead to a test of the
key 1258.00 level and buying came in. After moving up to
1265.00, there was a drop to 1259.75 but the bears couldn't
keep the market down and the break and hold of the 1262.50-
1262.00 zone opened the door for a rally to just under the
1268.50-1269.00 initial resistance with 30 minutes left.
That marked the tops as the market was sold into the close.
While the Nasdaq futures pushed to new 52 week highs on
Monday, the ES took all day to get back to unchanged and
then faded into the close. The ES is around the middle of
its range, while the NQ is getting stretched on the upside.
On last Friday and on Monday the ES failed to clear the
1268.50-1269.00 zone, and that is key on the upside on
Monday. On the downside, as long as the initial support
areas are held, there will be a chance to test that again on
Tuesday. However, if broken the initial support is broken,
then by now the 1258 support is on everyone's charts, and a
4th test will not have as good of odds of holding. If it is
held, then no damage is done just yet. Just don't expect a
whole lot more upside from here. If broken, it could confirm
a top.
On Tuesday look for early weakness to be bought IF the
initial support is held/reversed, and then if the market can
bounce again, the move needs to get over the initial
resistance zones and not quickly reverse. If the 1268.50-
1269.00 area is not rejected a third time, then a run up to
the 1272 area that stalls/ reverses is a shorting
opportunity. If a pullback doesn't hold the 1265.00-1264.50
area on the ES and 2280.50-2280.00 area on the NQ, then that
retest of the 1258 area on the ES is likely one more time,
and would need to reverse back up over 1260 quickly to avoid
heading towards the 1252.25-1251.50 zone.
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March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1268.50-1269.00
1274.00-1274.50
1278.00-1278.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1265.00-1264.50
1262.00-1261.50
1258.00-1257.50
1252.25-1251.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2286.25-2287.50
2296.50-2298.25
2302.75-2303.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2280.50-2280.00
2274.50-2273.50
2264.25-2263.25
2253.00-2251.50
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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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Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
guarantee that future results will be profitable.
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This is not an endorsement or recommendation of the SP500
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