TradeStalker's
Support and Resistance Update
3 / 6 / 2011
(Published Since 1996)
...............................................
Dateline: 5:36 pm eastern time, 3/6/2011
The 1329 level on the ES was the key level to break/ hold on
a bounce to start a decent drop. We got exactly what we were
looking for as the lower open was bought, but the bounce
stalled right at 1329.00 and then started its move down. A
bounce from Thursday's 1319.25 low level reached the updated
key resistance at 1324.00-1324.50, and a double top there
gave another short just before a drop of 12.50 points to the
1311.50 level. A run up to 1316.25 failed, then it was right
back down to 1311.25 again. The market started a rally
around 2 pm, but it was early for such a move to stick and
after just poking over the 1317 target for that move, it was
right back to 1311.50 again. That kept the market in a
"comfort zone" and with 30 minutes left buying and shorts
covering gave a rally back to 1322.00 before the close.
The market had very good moves in both directions last week.
It looks like this should continue barring some extraneous
event happening. A trading range has developed, and as long
as that 1312.00-1311.25 zone on the ES and 2347.00-2346.50
zone on the NQ (and 12080 on the Dow cash) are held on a
pullback, the market will avoid any trouble. Holding on to
any gains though should not be a simple task, as there are
still buyers trapped around 1324 and 1329 on the ES. Those
are the hurdles to clear, and not reject, to get a good
rally going.
On Monday, if early weakness can hold the initial support on
a dip, the upside should continue and a run up to test or
break the initial resistance is likely. If the market opens
higher, around the zone on the ES and/or the 2366.50-2367.00
zone on the NQ and stalls/ reverses, then a decent sized
pullback can occur. If that is the case, and the market
drops through the Friday afternoon lows, then another push
towards the 1307.50-1306.50 zone is likely before a turn
around occurs again.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1321.75-1322.50
1324.25-1324.50
1328.50-1329.00
1332.50-1233.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1317.75-1317.00
1312.00-1311.25
1307.50-1306.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2362.50-2363.50
2366.50-2367.00
2372.00-2374.00
2378.25-2379.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2355.50-2355.00
2347.00-2346.50
2338.50-2337.50
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