|ES Support and Resistance for November 29|
By Dennis Coleman NOV 29, 2012 8:06 AM
The E-mini S&P 500 Futures Contract (ES) opened lower, just above S2. The initial approach to S2 saw S2 yield. That followed news that Congress may compromise with the president on spending and taxing issues, which saw the markets spike higher. The ES shot through S2. After breaking through S1, it paused. It then continued its rise. The pivot proved to be ineffective as the rise halted only briefly. Upon reaching R1, the ES began moving sideways. As we moved into the last half hour, the ES began moving higher.
The range for the day was 25.75 points.
The levels for today are:
R3 = 1451
R2 = 1425.25
R1 = 1416.25
Pivot = 1399.5
S1 = 1390.5
S2 = 1373.75
S3 = 1348