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ES Support and Resistance for December 10

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Today's levels.

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The S&P 500 Index (INDEXSP:.INX) was up slightly for the week. The SPX climbed back above its 50 day moving average and 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 higher and just above R1. With the release of the employment data, the ES had spiked up from lower and just above S1 all the way to R2. The ES worked its way lower through the morning finding good support at the pivot. Through the afternoon, it worked its way up to pass through R1 again. It then traded in the area of R1 for the remainder of the day.

The range for the day was 10.5 points.

The levels for today are:

R3 = 1436.25

R2 = 1425.75

R1 = 1420.75

Pivot = 1415.25

S1 = 1410.25

S2 = 1404.75

S3 = 1394.25

No positions in stocks mentioned.
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