ES Support and Resistance for November 5
Last week, the S&P 500 Index (INDEXSP:.INX) was up slightly for the week. The three trading days of last week saw two up with one down. The SPX remains below the 50 day moving average (barely) but 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.)
As with the first Sunday of every month, I made changes to the companies listed as titans. I'm deleting all of those added in July. They were up 6% as of the close on Friday. I'm adding new companies for November. The companies added are The Bon-Ton Stores, Inc. (NASDAQ:BONT), Gentiva Health Services, Inc. (NASDAQ:GTIV), IMPAC Mortgage Holdings, Inc (NYSEAMEX:IMH), KB Home (NYSE:KBH), M/I Homes Inc (NYSE:MHO), Patrick Industries, Inc. (NASDAQ:PATK), Sunrise Senior Living, Inc. (NYSE:SRZ), Stewart Information Services Corp (NYSE:STC), TPC Group Inc (NASDAQ:TPCG), and USG Corporation (NYSE:USG).
Friday saw the E-mini S&P 500 Futures Contract (ES) open higher after the release of the unemployment data. The day began with the ES trading in the area of R1. It moved down and bounced off the pivot on its first test of the pivot. Eventually, the pivot yielded as the ES moved lower. S1 provided limited resistance initially but the ES returned to test S1 from below before moving even lower. It did not make it as low as S2.
The range for the day was 25.75 points.
The levels for today are:
R3 = 1465.25
R2 = 1439.5
R1 = 1422.5
Pivot = 1413.75
S1 = 1396.75
S2 = 1388
S3 = 1362.25