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ES Support and Resistance for September 10

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Today's levels.

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The S&P 500 Index (SPX) was up for the week and continues to trade above both the 50 day moving average and 200 day moving average. I would recommend that if you are using ETFs as your method of investing that you stay close to 100% invested using both the S&P 500 ETF Trust (SPY) and the Powershares QQQ (QQQ). (Remember, there is also the alternative in the titans should you want to be in stocks, which would have you in at roughly 75% and be up 3% for that 75% since I recommended you begin scaling in.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open higher after a very large up move on Thursday. The ES was trading between the pivot and R1. Because of the large move on Thursday, the levels were far apart. It didn't matter very much. The ES moved in a very narrow range, as one would anticipate after a large up day. The range for Friday was 6.5 points.

The levels for today are:

R3 = 1449.5

R2 = 1443

R1 = 1440.5

Pivot = 1436.5

S1 = 1434

S2 = 1430

S3 = 1423.5

No positions in stocks mentioned.
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