|ES Support and Resistance for January 4|
By Dennis Coleman JAN 04, 2013 8:05 AM
The titans are up 6% now. Those added in September are up 9%, those added in October are up 9%, those added in November are up 3%, and those added in December are up 3%. I will be removing those from September and, on Monday, adding new candidates for January.
The E-mini S&P 500 Futures Contract (ES) opened lower and just above the pivot. Initially, it did not move too far from where it opened but then began to slowly move higher. By noon central, the ES had moved roughly two-thirds of the way towards R1. It then turned around and headed lower. This was about the time of the release of the FOMC minutes. The first approach to the pivot saw the ES bounce. It broke through on the next attempt. As would be expected, the ES returned to test the pivot from below but the close was rapidly approaching and no real prediction could be made.
The range for the day was 10.5 points.
The levels for today are:
R3 = 1475.75
R2 = 1465.25
R1 = 1459.25
Pivot = 1454.75
S1 = 1448.75
S2 = 1444.25
S3 = 1433.75