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ES Support and Resistance for October 15

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Today's levels.

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The S&P 500 Index (INDEXSP:.INX) was down for the week but continues to be above both the 50 day moving average (barely) and 200 day moving average. I still think that if you are using ETFs as your method of investing that you should 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. With those, you should also be close to 100% invested.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open virtually unchanged and below the pivot. The ES moved down towards S1, passed through easily before moving to S2. S2 held as the ES began trading between S2 and S1, with S1 providing effect resistance to a further rise.

The levels for today are:

R3 = 1453.25

R2 = 1439.25

R1 = 1430.25

Pivot = 1425.25

S1 = 1416.25

S2 = 1411.25

S3 = 1397.25

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