TradeStalker's
Support and Resistance Update
12 / 28 / 2010
(Published Since 1996)
...............................................
Dateline: 5:14 pm eastern time, 12/28/2010
A gap up open was sold on Tuesday, starting a 4.50 point
drop from 1256.00 to 1251.50 on the ES in the first hour of
trading. The market got it's footing and turned up, but it
took a break/ hold over 1253 to keep the upside going. That
happened shortly after 1pm and the ES went to 1255.50 to
double top before pulling back into the close.
The ES was able to bounce back on Tuesday, but the NQ topped
on the open and never made it back. With the rejection of
that resistance, again, the market is staring to lose
momentum and looks to be topping out, or is range bound at
best. In any case, the market looks to be vulnerable unless
the 1256 level is blown through without reversing back down.
On the downside, the initial support was resistance turned
support intraday on Tuesday. A move back under that support
should mean a top of some sort is in place and lower prices
are ahead. The 1249.75-1248.75 on the ES and 2218.50-2217.75
zone on the NQ both are key support areas that should be
held if the market is going to avoid trouble short term.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1255.50-1256.00
1257.50-1258.50 major
1262.25-1264.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1253.75-1253.00
1251.50
1249.75-1248.75 strong
1244.75-1244.25 major
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2228.50-2229.25
2233.50-2234.50
2237.75-2238.50 major
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2225.50-2224.25
2221.25
2218.50-2217.75
2208.50-2207.25
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Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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Disclaimer
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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
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
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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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