|ES Support and Resistance for November 28|
By Dennis Coleman NOV 28, 2012 8:06 AM
The E-mini S&P 500 Futures Contract (ES) opened lower and just above the pivot. It moved up quickly before returning to break through the pivot. By the end of the first hour of the pit session, the ES had moved down to test S1, which held, sending the ES back up to and through the pivot. As the ES approached R1, its rise began to slow. R1 proved to be effective resistance. With news about Congress not making headway on the fiscal cliff hitting the news sites, the markets began to fall, taking the ES with them. It shot through the pivot and headed towards S1. S1 held and, as the market digested the news, the ES began a retracement, making it all the way back to the pivot with a half hour to go only to return and test S1 into the close. S1 held.
The range for the day was 11.5 points.
The levels for today are:
R3 = 1423
R2 = 1411.5
R1 = 1404.5
Pivot = 1400
S1 = 1393
S2 = 1388.5
S3 = 1377