TradeStalker's
Support and Resistance Update
1 / 31 / 2011
(Published Since 1996)
...............................................
Dateline: 5:56 pm eastern time, 1/31/2011
The ES opened up 5+ points and in the 1277.50-1278.50 zone
and dropped 3.50 points to the 1274.50 updated support and
bounced back. That bounce failed at 1277.50 and a low at
1273.25 was made. After the 1278 area was broken, it turned
support and the ES rallied to 1283.75 before pulling back. A
bounce then failed at 1283.00, setting up a shorting
opportunity, and the ES pulled back to 1277.50 before
reversing back up. The last hour was back to the upside as
the ES reached its 1283.75 high just before the close.
Normally the last day of the month and the first trading day
of the month has an upside bias. The Vix reversed a bit, and
gave a short term buy signal but I'm not sure I trust that
just yet. The ES found support around the 1278 area, but
bounces were not easily held on Monday. The ES made an
inside day, and acted range-bound on Monday.
On Tuesday, early strength should be sold and then if the
1278 area is defended on a pullback then the damage can be
undone. If that area is not held, then a move to test last
Friday's lows could be in the cards. With the ISM Index
release 30 minutes into the day, a trading high/ low should
be made in that timeframe and last into the lunchtime
trading if the market action is going to be a volatile two
sided day.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1283.75-1284.50
1287.50-1288.50 key
1291.50-1292.25
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1280.50-1279.75
1278.00-1277.50 pivotal
1273.25-1272.50
1267.50-1266.50 major
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2285.75-2286.50
2290.25-2291.00
2295.25-2296.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2276.50-2275.50
2268.75-2267.50
2256.00-2254.50
2248.50-2246.75
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Mike Reed
TradeStalker.com
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