TradeStalker's
Support and Resistance Update
2 / 7 / 2011
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 2/7/2011
The ES gapped up on the open, and after a small dip to
1312.50 new support about 20 minutes in, it was trend up to
1320.00. The move stalled and when the 1317.25 level broke
and then held 1317.25 on a bounce, a drop to 1313.25
occurred in the last hour. A bounce back to that 1317.25
level occurred before pulling back into the settlement.
The market keeps making higher highs, but the action on
Monday looked a bit toppy. A move up will need to break/
hold over the initial resistance areas, not reject those
areas, to avoid a decent pullback on Tuesday. The Vix
reversal gave 1 sell signal on Monday. Lately the short term
overbought/ oversold indicators have done a good job at
turns.
So, look for early weakness to be bought on Tuesday,
especially if the initial support is held/ reversed early.
If that plays out, the first decent bounce should be a good
shorting opportunity as soon as an early bounce stalls out.
If that's not at the 1317 area then the Monday highs could
get a test before a reversal occurs.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1316.50-1317.25
1319.50-1320.50
1322.75-1323.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1313.50-1312.50
1308.50-1308.00
1305.50-1304.50
1298.00-1297.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2350.00-2350.50
2359.00-2360.50
2368.50-2369.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2341.50-2340.50
2336.75-2335.50
2332.25-2331.50
2325.50-2324.50
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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
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