|ES Support and Resistance for October 18|
By Dennis Coleman OCT 18, 2012 8:05 AM
Take a look at the intraday action in commodities.
The E-mini S&P 500 Futures Contract (ES) opened higher and just below R1. It quickly moved up to test R1 again and was able to break through. The ES worked to within one tick of R2 before pausing and pulling back. Once it got back to R1, the ES found that to be effective support. By the end of the day, the ES was back in the area of R2. The range for the time equivalent to the pit session was 9.25 points.
The levels for today are:
R3 = 1473
R2 = 1463.75
R1 = 1460.25
Pivot = 1454.5
S1 = 1451
S2 = 1445.25
S3 = 1436