TradeStalker's
Support and Resistance Update
2 / 28 / 2011
(Published Since 1996)
...............................................
Dateline: 6:06 pm eastern time, 2/28/2011
The ES opened 5 points higher and then double topped at the
1327.50-1328.25 resistance before there was a pullback. The
ES held 1325 and then popped up to 1329.00 before reversing.
The stall set up a shorting opportunity and the ES dropped
to 1324.50 before bouncing. That bounce stopped right at the
1326.00 updated resistance and then rolled over and fell to
the key 1320-1319 zone. The ES turned up from 1319.25, and
having filled the gap on the daily chart buying/ shorts
covering turned the market back up. The ES rallied to
1324.25 again at 3 pm, then I stated that 1322.50-1322.25
needed to hold for a run to 1326.00. Although I personally
passed on that trade, the ES did hold that support and ran
up to 1326.25 where the ES stopped and dropped back to
1324.00 pivotal support with 10 minutes left in stock
trading. More buying came in there, and the market turned
back up and rallied into the close.
The market keeps recovering after every drop, especially in
the last 2 hours of trading. This action must continue,
otherwise the market will end up getting hit like last week.
Right now, as long as the ES holds the 1322.75-1322.00 zone,
the bulls are still in charge. If that area is not held,
then a break of the Monday lows is likely in the cards, and
maybe to 1312 again.
On the upside, bids have been pulled until the market
reaches lower levels so expect early strength to be sold
into. If the ES pops up to around the 1330 level and
stalls/reverses in the first 40 minutes of trading, then
that sets up a shorting opportunity to test that initial
support. If buyers don't step to the plate on a pullback to
that 1322.75-1322.00 area on the ES, then expect the 1317
area to be a key level to be defended. If that level is
reversed after an orderly pullback, a decent snap back rally
could occur. If that is not held, then the major support is
at the 1312.50-1312.00 zone, which should be seen as a good
reversal area if the market is not in the midst of a decent
sized selloff day.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1329.00-1330.00
1334.50-1335.00
1337.50-1338.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1322.75-1322.00
1319.75-1319.00
1317.00
1312.50-1312.00
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2356.75-2358.00
2365.75-2366.75
2374.50-2376.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2343.00-2342.25
2338.50-2337.50
2334.50
2328.75-2327.75
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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
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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
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This is not an endorsement or recommendation of the SP500
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