|ES Support and Resistance for January 3|
By Dennis Coleman JAN 03, 2013 8:05 AM
The E-mini S&P 500 Futures Contract (ES) opened higher and just above R2. With this big move in reaction to Congress taking action, I anticipated that there would be an initial spike up. The ES did not move close to R3, which was a long way away. After a bit, the ES began moving lower, getting to R2 from above, and then began to move sideways. As we moved into the final hour of trading, the ES began to rise again. Although the ES finished up over 2.5%, I was not surprised we didn't reach R3 considering the range of the previous day.
The range for the day was 14 points.
The levels for today are:
R3 = 1481
R2 = 1467
R1 = 1462
Pivot = 1453
S1 = 1448
S2 = 1439
S3 = 1425