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ES Support and Resistance for August 31


Today's levels.


The titans have pulled back some being essentially unchanged overall as of the close on Thursday. Those added in July are up roughly 3% (combined) while those added in August are down approximately 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).

The E-mini S&P 500 Futures Contract (ES) opened lower than the previous close and between S1 and S2 with the markets having spent the pre-market in this range. The ES spiked down through S2. As typically happens when one of the "2" levels is probed, the ES bounced and began moving higher. It retreated to test S2 again, which yielded. At that point, I didn't anticipate a move down to S3. However, with the light volume we've been seeing, anything was possible. (If one uses the alternative calculation for S3, S3 was broken.) After pulling up a bit (away from S3), the ES began moving sideways. It then climbed steadily, passing through S2. As we moved into the close, the ES moved lower once again. The range for Thursday was only 7.5 points (time equivalent to the pit session for the larger contract).

The levels for today are:

R3 = 1413.25

R2 = 1405.75

R1 = 1401.5

Pivot = 1398.25

S1 = 1394

S2 = 1390.75

S3 = 1383.25

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