TradeStalker's
Support and Resistance Update
3 / 9 / 2011
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 3/9/2011
The ES broke initial support and dropped to the 1312.50-
1312.00 support, bounced back to 1317.50 old support, and
then dropped again to test the low. The double bottom at
support made a good low, and the ES bounced to 1322.25. The
move stalled, then reversed back down to break 1312.50-
1312.00 zone and then quickly reversed back up again. A
rally back to 1321.50 was sold, and was rejected 2 more
times before selling off to 1315.00 by the close.
We get the Initial Claims data before the open on Thursday.
The market is still winding tight in a trading range. On
Wednesday the ES had a 12.00 point range from high to low,
but the market didn't lack volatility. These were the moves
of 4+ points on the ES on Wednesday:
1313.00
1317.50 +4.50
1313.25 -4.25
1322.25 +9.00
1311.50 -10.75
1323.50 +12.00
1317.25 -6.25
1321.50 +4.25
1316.50 -5.00
1321.50 +5.00
1315.00 -6.50
That equals 67.50 points of travel within the 12 point day
session's range, and shows a tightly wound market. With the
1321.00-1321.50 zone being rejected a number of times, a
move lower should occur early on Thursday. If the 1312.00-
1311.50 area is not reversed back up early on Thursday, then
momentum could get steam and the market should unwind to the
downside. It will take a break/ hold over 1321-1322 to get
anything going on the upside. Stay with selling bounces
unless that area is cleared and held on a pullback.
NOTE: I didn't realize until after doing the S/R work that
Thursday is rollover to September futures. I'll move to
those contracts on Thursday. My apologies.
March 2011 SP futures resistance
symbols: emini = esh1 / big contract =sph1
1321.00-1321.50
1324.00-1324.50
1327.75-1328.25
March 2011 SP futures support
symbols: emini = esh1 / big contract =sph1
1315.00
1312.00-1311.50
1308.50-1308.00
1302.00-1300.50
March 2011 Nasdaq futures resistance
symbols: emini = nqh1 / big contract = ndh1
2327.50-2328.50
2332.50-2333.25
2344.00-2345.00
March 2011 Nasdaq futures support
symbols: emini = nqh1 / big contract = ndh1
2311.25
2308.25-2307.50
2302.25-2301.25
2393.50-2392.50
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Good Trading,
Mike Reed
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