TradeStalker's
Support and Resistance Update
2 / 8 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 2/8/2011
The ES opened at the 1317 resistance and dropped to the
1313.50-1312.50 support in the first 40 minutes of trading,
and then ran up from 1313.00 to 1320.50 shortly after noon.
A pullback to updated support at 1317.00 followed, then a
run up to 1320.75 occurred. A dip back to the updated
support at 1318.50 was reversed and the ES bounced to
1321.25. A dip held 1320.00 new support in the last 30
minutes and reached a 1322.25 high (just under the 1322.75-
1323.50 zone) before the close.
This move up has been relentless, and will continue unless
the ES breaks back under 1320 and holds there on a bounce.
We had early weakness get reversed on Tuesday and the move
was basically trend up. Back to back trend days are not
common.
Wednesday should be a more 2-sided affair. If there is early
strength, it should reverse in the first 20-40 minutes and
then see how the ES handles the 1320 area. If that is
defended, the melt up move can continue. If it's not held,
then the 1317 area should be a key, pivotal, area on a
deeper pullback. If that is broken, then odds will be better
for a bounce to fail.
NOTE: A HEADS UP, I will be away on Wednesday from 1pm until
late, so there will not be a Wednesday night update.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1322.75-1323.50
1325.50-1326.00
1328.25-1328.75
1332.50-1333.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1320.00
1318.50-1318.00
1317.00-1316.50
1313.00-1312.50
1308.50-1308.00
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2364.00-2364.50
2368.50-2369.50
2374.75-2376.00
2384.00-2385.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2358.00
2356.25-2355.50
2350.75-2350.00
2344.00-2343.00 key
2336.75-2335.50
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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
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