|ES Support and Resistance for November 8|
By Dennis Coleman NOV 08, 2012 8:27 AM
The E-mini S&P 500 Futures Contract (ES) opened lower and it was heading down. It was just above S2 but spiked down through S2 just after the open. It then progressed slowly till it reached S3. After 90 minutes of the pit session for the larger contract, the ES had a range of over 16 points. By that time, I'd put in an alert at S4 (1380.5), thinking that if we made it that low, we would be near the low of the day. Before reaching S4, the ES began to recover. Once it reached S3, it began moving sideways. As we moved through the close of trading for stocks, the ES spiked down through S3.
The range for the day was 26.75 points.
The levels for today are:
R3 = 1448
R2 = 1421.25
R1 = 1405.25
Pivot = 1394.5
S1 = 1378.5
S2 = 1367.75
S3 = 1341