TradeStalker's
Support and Resistance Update
12 / 8 / 2010
(Published Since 1996)
...............................................
Dateline: 6:06 pm eastern time, 12/8/2010
A higher open was sold on Wednesday after poking just over
the 1227.75-1228.50 zone on the ES about 20 minutes into
trading, and then it was trend down to 1219.00. A rebound to
test the 1228.75 early high failed, and a pullback to
1224.75 was reversed in the last 30 minutes and the market
rallied back to test the high at the close.
The market had a good underlying bid on the dips on
Wednesday, but didn't like it above the 1228 level on the
ES. If that is broken on Thursday morning, then the initial
support areas will need to be defended to stay in a trading
range. As long as the 1224.00 area holds, no damage is done.
However, if it's broken, then a top should be in place and
bounces will be shorting opportunities.
On the other side of the coin, if 1228.00 is held, or
quickly reversed if broken, then a run up to the 1232.50-
1233.50 area is in the cards. If bids dry up, and then 1230
isn't defended on a pullback, a reversal is occurring. If
somehow the 1233.50 area is cut through easily, the 1236.50-
1237.25 area could be seen before the market reverses.
December 2010 SP futures resistance
symbols: emini = esz0 / big contract =spz0
1230.25
1232.00-1232.50
1235.50-1236.50
1241.75-1242.50
December 2010 SP futures support
symbols: emini = esz0 / big contract =spz0
1224.75-1224.00
1220.50-1220.00
1217.00-1216.25
1212.50-1211.75
December 2010 Nasdaq futures resistance
symbols: emini = nqz0 / big contract = ndz0
2203.50
2210.50-2211.25
2216.50-2217.50
2225.75-2226.75
December 2010 Nasdaq futures support
symbols: emini = nqz0 / big contract = ndz0
2193.75-2192.75
2186.75-2185.75
2181.25-2180.50
2174.00-2172.50
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Good Trading,
Mike Reed
Copyright (c) 2010 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
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
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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