ES Support and Resistance for October 8

The S&P 500 Index (INDEXSP:.INX) was up for the week and continues to be above both the 50 day moving average 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. I'm adding the next group today. Some are already on the list so you'd add to them. The new ones are CONN'S, Inc. (NASDAQ:CONN), Gentiva Health Services, Inc. (NASDAQ:GTIV), IMPAC Mortgage Holdings, Inc. (NYSEAMEX:IMH), ChipMOS Technologies (Bermuda) Ltd (NASDAQ:IMOS), Key Tronic Corporation (NASDAQ:KTCC), M/I Homes Inc. (NYSE:MHO), Patrick Industries, Inc. (NASDAQ:PATK), Sunrise Senior Living, Inc. (NYSE:SRZ), Seagate Technology PLC (NASDAQ:STX), USG Corporation (NYSE:USG) This should get you to roughly 100%.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open above the previous close and in the area of R2. The ES had spiked up into the area of R2 with the release of the employment report for September. The ES worked it's way down to R1, which held initially. It worked its way down to the pivot. The ES finished the day trading around the pivot, finishing with a small change for the day.

The levels for today are: