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ES Support and Resistance for September 7


Today's levels.


The titans have continued their recovery. Those added in July are up roughly 8% (combined) while those added in August are at the break-even point. The ones just added are up 1%. The companies added in July are Arctic Cat Inc. (ACAT), Carmike Cinemas Inc. (CKEC), Town Sports International Holdings Inc. (CLUB), Conns Inc. (CONN), DXP Enterprises, Inc. (DXPE), Fifth & Pacific Companies, Inc. (FNP), Myers Industries Inc. (MYE), and Susser Holdings Corporation (SUSS). The ones added for August are AEP Industries Inc. (AEPI), American Railcar Industries, Inc. (ARII), Drew Industries Inc. (DW), DXP Enterprises, Inc. (DXPE), Gruma S.A.B. de CV (GMK), GP Strategies Corp. (GPX), The Marcus Corporation (MCS), Multi-Fineline Electronix Inc. (MFLX), Nortek Inc. (NTK), and Grupo Simec S.A.B. de C.V. (SIM). For September, the companies 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).

The E-mini S&P 500 Futures Contract (ES) opened higher and approaching R2. It spiked right through R2, heading higher. We reached R3 and began trading sideways there. (To get to R4, one would add the previous day's range to R3. If we reach R4, it would make it a truly unusual day.) Mid-morning, we reached the R4 level. The ES then traded on either side of R4 the rest of the day. The range for the day was 21.5 points.

The levels for today are:

R3 = 1467.75

R2 = 1446.25

R1 = 1438.5

Pivot = 1424.75

S1 = 1417

S2 = 1403.25

S3 = 1381.75

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