TradeStalker's
Support and Resistance Update
3 / 7 / 2011
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 3/7/2011
The ES gapped up on the open but stalled out at 1327.25
before dropping to fill the gap. A bounce then reached
1323.75 and reversed, and a trend down move to 1302.75
followed. That was just over the 1302 last support, and
having dropped 24.50 points on the ES and 65.00 points on
the NQ, the market had a relief rally to fail in the last 30
minutes of trading.
Once again we had the market get hit hard with selling, and
then come back with a late day decent sized rally. One of
these day the market is not going to find buyers stepping in
front of the selling and cause a big down day. The only
technical plus is the back to back days with a closing Trin
above 1.20. Since topping a couple of weeks ago, this
occurred twice and both times it led to big up days.
The way the market is acting, the upside still should have a
hard time holding. If the initial resistance is not sold on
a test, then the market is stronger than anticipated on
Tuesday. That area will be sold if the market is still weak.
On the other side of the coin, a drop to the initial support
areas must be held/ reversed or the market is back in
trouble again on Tuesday and the 1290's can be seen on this
leg down. The market is still range bound, so if the ES
doesn't get turned up from the 1304.50-1304.00 zone, the
1298.25-1297.50 area is possible on this leg down.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1313.75-1314.50 *key early
1319.50-1320.75
1324.00-1324.50 *strong
1327.25-1328.00
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1308.50-1308.00
1304.50-1304.00
1298.25-1297.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2334.00-2335.00 *key early
2344.50-2346.00
2355.00-2356.00 *strong
2365.25-2366.25
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2324.00-2322.50
2312.00-2311.25
2306.25-2305.50
Good Trading,
Mike Reed
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