TradeStalker's
Support and Resistance Update
3 / 2 / 2011
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 3/2/2011
NOTE: The Instant Messages sent intraday are a part of your
paid subscription. If you are one of those not taking
advantage of this, see the log from today, as lots of
guidance is given each day.
http://www.tradestalker.com/log.htm
On to the market...
The ES opened higher and ran up to the 1309.50-1310.00 zone,
which was a short, and pulled back to 1306.25. Another
bounce to 1309.50 was rejected, but the next dip held
updated support at 1306 and then took off to 1313.75.
Shortly after that, by Instant message I stated that a high
was in and the reversal took the ES down to 1301.50 by noon.
The ES turned up from 1301.50 and bounced back to the
1309.50-1310.00 zone again, setting up another pullback to
1304.00 when the Beige Book was released. Another test of
1309.50 failed, but another Instant Message stated:
"(Mar 02-14:32) Mike: 06 has to hold, if it can
hold, 12 area possible on breakout"
The 1306.00 level held and we got a rally to 1311.75, a dip,
then a pop to 1312.25 was rejected. Another Instant Message
stated:
"(Mar 02-15:14) Mike: small shorts up here" [1311
on ES then]
And a bit later this:
"(Mar 02-15:25) Mike: 09.50 key end of day, then
06 area"
The ES dropped to 1305.00 before bouncing back a bit into
settlement.
We get Retail sales in the morning. The market still acts
toppy and nervous. The ES and NQ both had inside days after
the Tuesday drubbing. At this point, with bounces not able
to stick, the short side should offer the better
opportunities. The ES and NQ would both need to clear the
initial resistance areas, and stick, to get out of trouble
and turn things around. Unless that happens, selling a
decent pop up on Thursday morning should be a good odds
trade.
On the bottom side, a drop that can hold/ reverse from the
1297.50-1296.50 zone on the ES should set up a snap back
rally. If that area is not defended, then the market will be
under pressure and the 1292.50-1291.50 zone could then be in
the cards. That is major short term support that must hold
to avoid a late week nose dive.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1312.50-1313.50
1316.50-1317.00
1321.50-1323.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1304.40-1304.00
1300.50
1297.50-1296.50
1292.50-1291.50 *major
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2339.00-2341.00
2346.50-2348.00
2354.75-2356.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2319.50-2318.25
2312.50
2308.50-2307.50
2296.75-2295.50 *major
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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