TradeStalker's
Support and Resistance Update
2 / 13 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 2/13/2011
The lower open reversed 20 minutes in and it was trend up to
1320.50 level on the ES, then updated support at 1318.50
held and a run to 1327.00 followed. We got short near
1324.50 and rode it to new support/ target at 1320.50 where
the pullback held and then turned back up. The 1325 level
held the market down for a bit, then the ES broke out and
went to the 1328.25-1328.75 resistance by 2:45 pm. A small
dip was bought, but the ES double topped at 1328.75 and
pulled back 3 points before the close.
The market is getting crazy acting. It is starting to act a
lot like 1987 and 1999. Both of those years were the 3rd
year in the Presidential cycle, and the market was
invincible. Another 12 years later in 2011, it's the same
price action (except not at *record* highs this time) but
for different reasons. I'm just sayin...
Anyhow, last week the market rallied early in the week,
dropped into Thursday morning at the 1308 support zone, and
then rallied all the way back to new 52 week highs, reaching
the 1328.75 resistance on the ES on Friday. This move has
momentum, but is getting a bit frothy. In any case, the 1320
area had been good overhead resistance, and now it will take
a break back under the 1320.50-1320.00 zone to have a
reversal. Actually, if the market is going to stay in a good
uptrend, the 1325.75-1325.25 initial support would need to
be held.
On the top side, the ES did make a little double top at the
1328.75 resistance level. A small short position was taken
there, but the way the market is acting, that should be
covered if there is early weakness on Monday. If that
1328.25-1328.75 area is exceeded, then a move to the
1332.50-1333.00 area on the ES would be next.
Lately the market has been weak early, and then is able to
get footing and rally again. Since Friday was basically a
trend up day, look for early strength to be sold, and then
if the first decent pullback gets its footing over the
1320.50-1320.00 area on the ES, it should set up another
rally attempt. However, if the 1320.50-1320.00 area on the
ES is not held, then things could be changing short term and
bounces will likely fail under the 1325.00-1325.50 area or
lower if the market is rolling over.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1328.25-1328.75
1332.50-1333.00
1338.25-1339.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1325.75-1325.25
1323.50
1320.50-1320.00
1317.50-1317.00
1313.25-1312.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2380.00-2380.50
2386.00-2386.50
2396.75-2398.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2375.00-2374.50
2371.50
2366.75-2365.75
2359.50-2358.50
2351.00-2349.50
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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