|ES Support and Resistance for December 17|
By Dennis Coleman DEC 17, 2012 8:05 AM
The S&P 500 Index (INDEXSP:.INX) was down slightly for the week. Monday, Tuesday, and Wednesday were up days, but those gains were wiped out during the last two days. The SPX was below the 50-day moving average again but remains above the 200-day moving average. I still think if you are using ETFs as your method of investing that 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 slightly lower and between S1 and the pivot. It had been moving lower in the pre-market. It then moved sideways in a rather large range of six points, never straying from between S1 and the pivot.
The range for the day was 7.25 points.
The levels for today are:
R3 = 1423.75
R2 = 1416.5
R1 = 1413
Pivot = 1409.25
S1 = 1405.75
S2 = 1402
S3 = 1394.75