|ES Support and Resistance for November 12|
By Dennis Coleman NOV 12, 2012 8:05 AM
The S&P 500 Index (INDEXSP:.INX) was down for the week. The SPX was below both the 50 day moving average and the 200 day moving average. My indicator says to stay invested. If you are using ETFs as your method of investing, you should stay close to 100% invested using both the S&P 500 ETF Trust (NYSEARCA:SPY) and the Powershares QQQ (NASDAQ:QQQ). (Remember, there is also the alternative in the titans should you want to be in stocks. With those, you should also be close to 100% invested.)
Friday saw the E-mini S&P 500 Futures Contract (ES) open lower and just above S1. The early trading saw a steady climb higher. The ES moved up to touch the pivot and then pulled back. It then began moving sideways, staying mostly just below the pivot. After about an hour, the ES finally was able to break through the pivot. However, about 12:30 central, the ES spiked down, passing back through the pivot. Once again, it began moving sideways, this time just below the pivot.
The range for the day was 19 points.
The levels for today are:
R3 = 1415.5
R2 = 1396.5
R1 = 1386.25
Pivot = 1377.5
S1 = 1367.25
S2 = 1358.5
S3 = 1339.5