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ES Support and Resistance for October 22


Today's levels.


The S&P 500 Index (INDEXSP:.INX) was up slightly for the week. Monday, Tuesday and Wednesday were up days but those gains were wiped out, mostly on Friday. The SPX was below the 50 day moving average (barely) but remains above the 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 lower and between S1 and the pivot. It moved through S1 encountering little resistance. The ES continued down through S2 and S3. (S4 would have been at 1417 but I wasn't anticipating going to that level.) S3 held for about 45 minutes before yielding. The range for Friday was 26.75 points.

The levels for today are:

R3 = 1486

R2 = 1459.25

R1 = 1441.75

Pivot = 1432.5

S1 = 1415

S2 = 1405.75

S3 = 1379

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