TradeStalker's
Support and Resistance Update
1 / 6 / 2011
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 1/6/2011
The market didn't sit still intraday on Thursday. A pop up
to 1273.75 on the ES was sold on the open on Thursday (1
tick over 1273.00-1273.50 initial resistance) but the first
pullback held at 1270.75 (initial support) and another push
higher to 1274.50 followed. However, the breakout failed and
that set up a short and then when 1270 was broken the
downside gathered steam and a drop to 1266.25 occurred. That
was an 8.25 point move and we caught a part of it. A channel
formed between 1267.25 and 1270.25, and the breakout ran
another 2 points higher to 1272.25 before reversing. A drop
back to that 1267.25 followed, and able to hold again, a pop
back to the 1270.50 level followed. A quick drop to 1266.50
was quickly reversed with about 30 minutes left in stock
trading the ES rallied back to 1271.25 just before the
close.
We get the Employment data before the open on Friday. The
market has not been able to hold gains, yet refuses to break
too. Right now it will take a break under the 1266 area and
not quickly reversed again to make a topping pattern. Unless
/ until that occurs, no reversal yet. Still, don't expect a
lot more upside before selling comes back in.
So, look for early strength to be sold in the first 40
minutes of trading on Friday. If that plays out and the
initial support holds, then another snap back rally is still
possible. If it's not defended then a move to 1263 area
would be key end of week.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1271.50-1272.50
1275.50-1276.00
1278.00-1278.50
1282.50-1284.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1267.25-1266.25
1263.75-1262.75
1258.50-1258.00
1252.50-1251.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2277.75-2278.50
2282.75-2284.50
2288.25-2288.75
2294.00-2296.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2270.75-2269.75
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.
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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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