TradeStalker's
Support and Resistance Update
3 / 3 / 2011
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 3/3/2011
The ES opened up 13.50 points and ran to 1325.50 before
pulling back to 1320.75. They turned right back up and the
1324 area on ES was cleared/ held 1324 on a dip and pushed
higher to 1329.00. Another small dip held updated support at
1326.50 and then the 1332.00 level was tested. A dip to
1329.00 new support held and the ES tested the 1332 again
before a small pullback into the close.
We get the employment data before the open on Friday. That
1332 area was the Tuesday morning gap up high, and was
turned away twice late on Thursday. That area needs cleared,
and held on a dip, to avoid a potential double top. Thursday
was a trend up day, and back to back trend days in the same
direction are rare.
That said, we should see two-sided action on Friday. As long
as the 1329 level holds the market will stay in uptrends and
try pushing higher. No harm is done as long as that holds or
is quickly reversed. If it is broken, then a drop towards
1324 area would hold if the market is avoiding trouble. On
the upside, if the 1331.50-1332.50 area is not rejected
again, then a move towards the 1334.75-1335.50 that stalls/
reverses could bring in selling. If the market gets there,
and doesn't reverse, it will be a surprise but then the
1338-1339 area would be likely on this leg up.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1331.50-1332.50
1334.75-1335.50
1338.50-1339.00
1343.00-1344.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1329.00
1324.50-1324.00
1320.75-1320.00
1314.00-1313.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2375.50-2376.00
2380.50-2382.00
2390.25-2391.50
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2370.25
2366.50-2365.50
2359.75-2358.00
2342.00-2341.00
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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