TradeStalker's
Support and Resistance Update
1 / 11 / 2011
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 1/11/2011
The ES gapped up on Tuesday, then quickly reversed from
1273.00 and a pullback to 1268.50 followed. That filled the
gap on the daily chart, and then the ES bounced back to
1273.75 and stalled out. A short at 1273.00 didn't take much
heat, then fell fast starting around 1 pm. A bounce off
1268.00 then stalled/reversed from 1271.00 and a drop to a
lower low at the 1265.50 level followed. That was the Monday
close and the market reversed back up around 2 pm and then a
choppy move back to the 1271 area lasted until just before
the close.
The ES tested the high area from last week and the Dow Cash
tested 11700, and the market did not like it up there. Also,
the last 2 hours of upside was labored and formed a rising
wedge pattern. Just before the close the 1271 resistance on
the ES was reversed, putting the market on the defensive.
On Wednesday we get the Fed's Beige Book release at 2 pm. In
the early going look for early strength to be a gift on the
short side, especially if there is a pop over the 1271 level
on the ES that reverses back down. Then, if the first
pullback can be reversed from the 1265.00-1264.50 low area
from Tuesday, a snap back rally can occur. If that 1264.50
area is broken, then odds are good that a top of some sort
is in place and another test of the key 1258 area could be
in the cards.
NOTE: There will not be an update on Wednesday night due to
prior commitment.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1271.00-1271.50
1274.00-1274.50
1278.00-1278.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1268.50
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
2287.50-2288.00
2294.00-2294.50
2302.75-2303.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2284.00
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
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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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