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ES Support and Resistance for September 24

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Today's levels.

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The S&P 500 Index (INDEXSP:.INX) was essentially unchanged for the week but 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 (NYSEARCA:SPY) and the Powershares QQQ (NASDAQ: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 5% for that 75% since I recommended you begin scaling in.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open higher than the previous close and between R1 and R2. The ES had touched R2 just before the open. The ES moved down and held at R1 before moving through that level. The ES spent the middle of the day trading just below R1. As the close approached, the ES headed lower, ending the day with a loss.

The levels for today are:

R3 = 1476.75

R2 = 1465.75

R1 = 1458.75

Pivot = 1454.75

S1 = 1447.75

S2 = 1443.75

S3 = 1432.75

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