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ES Support and Resistance for August 30

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Today's levels.

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Support and Resistance for Today

The E-mini S&P 500 Futures Contract (ES) opened above the previous close and between the pivot and R1. It moved down and began testing the pivot. Eventually, the pivot yielded and the ES headed lower. However, before reaching S1, the ES turned around and headed through the pivot. (In the middle of the day, I read that the Dow's range of 41 points was the second most narrow for the year. According to this report, August 2011 did not have a range of under 100 points. The range for the ES at the time was 5.75 points.) Shortly after that, the ES moved up to test R1. R1 held and the ES pulled back. As we moved into the close, the ES moved back to the area of the pivot. The range for the day was another small one - 7.75 points.

The levels for today are:

R3 = 1423.75

R2 = 1416

R1 = 1411.5

Pivot = 1408.25

S1 = 1403.75

S2 = 1400.5

S3 = 1392.75

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