TradeStalker's
Support and Resistance Update
2 / 2 / 2011
(Published Since 1996)
...............................................
Dateline: 5:56 pm eastern time, 2/2/2011
After trading at the 1298.00-1297.50 support just before
stocks opened, the ES bounced from 1299.25 on the open and
rallied 5 points to 1304.25 after an hour of trading. We
covered shorts/ puts from 1305 area on the open, and pretty
much stood aside the rest of the day. It turned out that the
whole day was inside of the first hours trading range, with
a late drop testing the low.
We had an inside day on Tuesday, as the market digested the
Monday gains. The bounces couldn't stick, but still the
market refused to fall apart. Most indicators are back to
neutral now.
On Wednesday early weakness should set up a trade on the
long side as long as the initial support is held. However,
if that plays out, beware that when the upside stalls out it
should set up a better shorting opportunity. The market
hasn't liked the thin air over 1304 on the ES and the 2326
on the NQ for very long. The way the market acted late in
the day on Tuesday showed how eager longs were to cover. If
the ES stays under 1300, instead of reversing back up
through it, then there could end up being a sizable drop in
the works.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1301.50
1305.50-1306.50 *key
1308.00-1308.50
1312.00-1313.00 *major
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1302.00-1301.50
1298.00-1297.50
1292.25-1291.50
1288.50-1287.50
1284.50-1283.75 *major
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2320.00
2327.50-2328.25 key
2332.25-2333.00
2338.75-2340.00 *major
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2215.25-2314.50
2304.50-2303.25
2296.50-2295.25
2291.00-2290.25
2286.50-2285.75 *major
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
futures ($ES_F)and($NQ_F). However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
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