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ES Support and Resistance for September 4

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Today's levels.

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The S&P 500 Index (SPX) was down for the week. It continues to trade above both the 50 day moving average and 200 day moving average. I'm still recommending being in both the S&P 500 ETF Trust (SPY) and the Powershares QQQ (QQQ). You should be close to 100% invested. (Remember, there is also the alternative in the titans should you want to be in stocks, which would have you in at roughly 50% and be up 1% for that 50%. I'm adding the next group today. Some are already on the list so you'd add to them. They are Arctic Cat Inc. (ACAT), Conns Inc. (CONN), ChipMOS TECHNOLOGIES (Bermuda) LTD. (IMOS), Kimball International, Inc. (KBALB), Key Tronic Corp. (KTCC), M/I Homes, Inc. (MHO), Stewart Information Services Corporation (STC), Seagate Technology Public Limited Company (STX), USG Corporation (USG), and US Home Systems Inc. (USHS). This should take you up to 75%.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open well above the previous close and just above R2. As Bernanke began speaking, the ES spiked down through R2. After spiking thorough the pivot, the ES returned to trading just above R2. It then worked it's way down to trade between R1 and R2.

The levels for today are:

R3 = 1434

R2 = 1419.25

R1 = 1412.25

Pivot = 1404.5

S1 = 1397.5

S2 = 1389.75

S3 = 1375

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