TradeStalker's
Support and Resistance Update
2 / 24 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 2/24/2011
The lower open was bought and the ES rallied to 1310.00
about an hour in. That topped it off, and after the first
pullback, a bounce reached and reversed the 1307 new
resistance and then dropped to the 1297.50 level. That
bounce off of support failed at the updated 1302-1303
updated resistance, and from 1302.25 the ES fell to 1292.50.
That was at the 1293-1293 last target and the market
reversed direction just before 2 pm. The ES rallied to
1305.00, then held the 1300.50 new support before one more
push up to 1308.50. That was sold and a drop to 1302.00
occurred at the close.
The bounce off of the 1292.50 support on the ES and double
bottom at 2285.00 on the NQ brought in buying, but it
doesn't look like it will stick. A rising wedge formed end
of day, and if the initial support is broken, a bounce high
will be in. A test of the initial resistance should set up
good shorting opportunity.
If initial support holds, then another bounce can occur but
the market is still vulnerable. A test of the 1292.50-
1291.50 zone will need to be reversed right away, or the
market ends the week on a bad note for the bulls.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1308.00-1308.50
1311.50-1312.00
1316.75-1317.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1300.50-1300.00
1298.00-1297.50
1292.50-1291.50
1288.50-1287.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2320.00-2321.00
2324.50-2325.25
2333.00-2334.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2301.50-2300.25
2296.75-2295.00
2285.50-2284.50
2278.50-2277.50
---------------------------
REMINDER:
Real Time subscribers can view these updates, and also get
real time instant messages, on the web at this site:
http://www.tradestalker.com/RBIchat.htm
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
*************************************************
No comments:
Post a Comment