TradeStalker's
Support and Resistance Update
2 / 16 / 2011
(Published Since 1996)
...............................................
Dateline: 6:01 pm eastern time, 2/16/2011
The ES opened up 4 points on Wednesday, and after turning
down from 1332.50 resistance, the dip reversed at 1330 and
took off higher and reached 1336.00 before stalling out.
Once the 1334.00 level broke, the downside picked up steam
and dropped to the 1328-1327 new support by noon. Shorts
were covered and a bounce from 1327.50 to 1333.00 happened
before the Fed Minutes release at 2pm. After the release,
the ES pulled back to updated support at 1330.50-1330.00 and
turned back up and rallied to 1135.00-1335.50 on ES and the
2400-2401 shorting zone on the NQ. Those areas were
rejected, and then the futures backed off into the close.
It seems like the market doesn't want to even pull back, let
alone go into a corrective selloff. At these levels, the
risk is being long as the rug could be pulled from under the
market at any time. On Thursday, look to sell a pop up to
test the initial resistance areas with a fairly tight stop.
On the downside, the 1330.50-1330.00 zone will need to be
quickly reversed on a test of that zone. If the market can
not turn around there, then things could be changing short
term.
NOTE: I will not be here on Thursday after 1pm. I will do
audio updates from around 1am to 12:30pm, but the next
Nightly update will be sent on Sunday evening.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1335.25-1336.00
1338.25-1339.00
1340.50-1341.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1330.50-1330.00
1327.50
1325.25-1324.75
1322.50-1322.25 *key
1320.50-1320.00 *major
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2400.50-2401.50
2405.50-2406.50
2410.25-2412.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2386.50-2385.25
2382.50
2379.00-2378.50
2372.25-2370.50 *key
2366.75-2365.75 *major
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Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
guarantee that future results will be profitable.
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This is not an endorsement or recommendation of the SP500
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