ES Support and Resistance for November 19
The S&P 500 Index (INDEXSP:.INX) was down for the week. It is now below both the 50-day moving average and 200-day moving average. My indicator still says stay invested.
Friday saw the E-mini S&P 500 Futures Contract (ES) open close to unchanged. The first trades were higher but the ES dipped to negative in the first five minutes. It moved from the pivot and down to test S1 within the first half hour. S1 held. The ES moved higher, easily passing through the pivot as it headed towards R1. It paused before getting there and began moving sideways but eventually moved to test R1. The ES bounced on its first approach and retreated but was able to break through R1 on its second try (after first returning to test the pivot).
The range for the day was 20.25 points.
The levels for today are:
R3 = 1394
R2 = 1373.75
R1 = 1366.75
Pivot = 1353.5
S1 = 1346.5
S2 = 1333.25
S3 = 1313