|ES Support and Resistance for December 12|
By Dennis Coleman DEC 12, 2012 8:14 AM
The E-mini S&P 500 Futures Contract (ES) opened slightly higher and just above R1. It quickly ran up to R2, where it traded for only about 15 minutes before pushing through. The ES paused as it approached R3, which was not a surprise. We seldom actually reach R3. It came back to test R3 again. The ES was able to break through on this second approach but pulled back below R3 within a half hour of breaching it. The ES rarely moves too far above R3 so that was not a surprise. As we moved into the last hour, the ES was testing R2 but this time from above. It bounced and did not break through R2, but instead, bounced all the way back to R3.
The range for the day was 11.5 points.
The levels for today are:
R3 = 1452.5
R2 = 1441
R1 = 1436.25
Pivot = 1429.5
S1 = 1424.75
S2 = 1418
S3 = 1406.5