ES Support and Resistance for January 2

By Dennis Coleman  JAN 02, 2013 8:05 AM

Today's levels.

 


I wasn't intending to post anything today but thought I should wish everyone a Happy New Year. Since I'm posting, I should give information about the E-mini S&P 500 Futures Contract (ES) also. The ES opened much higher and between the pivot and R1. Within the first 90 minutes, it had moved up to R1 where it began trading sideways as R1 held initially. It held for a couple of hours before yielding as the ES moved higher. R2 was a long way away -- roughly 19 points -- but talk of a compromise by Congress lead me to think that R2 might be reached. I was not surprisd when the ES returned to test R1 from above. By the end of the day, the ES had reached and broken through R2.

The range for the day was 33.5 points.

The levels for today are:

R3 = 1479.75

R2 = 1446.25

R1 = 1433

Pivot = 1412.75

S1 = 1399.5

S2 = 1379.25

S3 = 1345.75

No positions in stocks mentioned.