TradeStalker's
Support and Resistance Update
3 / 8 / 2011
(Published Since 1996)
...............................................
Dateline: 5:46 pm eastern time, 3/8/2011
We came into Tuesday looking for a test of 1313.75 to be
sold, and a pop up to 1313.00 set up shorting opportunity as
the ES fell 7.00 points to 1306.00 in the first 30 minutes
of trading. The market reversed back up and the ES held
dynamic support on its way to 1319.00 and then churned.
After a dip, that was broken and it continued to hold new
support on the way to 1325.75. We looked for a short and the
drop went to 1319.50 updated support and reversed back up.
The bounce made a 1-2-3 top at the 1324-1325 sell zone, then
dropped 6 points to 1318.75 before the close.
Once again we had a good rally, but buyers back off when the
upside gets stretched and risk of being stuck long goes way
up. The averages all had inside days on Tuesday, and the
late drop is a "tell" for lower prices it appears.
On Wednesday, if the initial resistance is tested it should
set up a very good odds shorting opportunity. That 1324.00-
1324.50 area should be sold if tested early, ala Tuesday's
early action, for a quick drop at least. If that plays out
and the 1318.75-1317.75 zone is reached, another turn back
up should occur IF the market is going to stay range bound.
If the market dips down there and reverses, it should set up
a rally attempt if the market is still in decent shape, to
test the 1324 area possibly. However, if that area is not
defended, then the 1312.50-1312.00 zone should be in the
cards again before a bounce occurs. If buyers don't step in
there, it is back towards the 1308 area where it should be a
make/ break area for the market.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1324.00-1324.50
1327.75-1328.25
1331.75-1332.50
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1318.75-1317.75
1312.50-1312.00
1308.50-1308.00
1304.50-1304.00
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2344.00-2345.00
2352.50-2354.00
2359.75-2361.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2331.00-2330.00
2324.00-2322.50
2313.50-2312.75
2307.00-2306.25
Good Trading,
Mike Reed
Copyright (c) 2011 by TradeStalker.com, Ft Wayne, IN.
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Disclaimer
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Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
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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
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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
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is substantial. You can lose more than your original
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