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ES Support and Resistance for December 3


Today's levels.


The S&P 500 Index (INDEXSP:.INX) was up slightly for the week. The SPX has climbed back up to where it is now just below the 50 day moving average while it 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.)

As I do every month, I'm adjusting the list of stocks that I call titans. As I always do, I'm dropping the stocks that were added to the list four months ago and adding in others for this month. Those that were added in August were up as of the close on Friday. As of the close today, I will be adding in new candidates for the titans list. As with other months, some are repeats. They are The Bon-Ton Stores, Inc. (NASDAQ:BONT), CVR Energy, Inc. (NYSE:CVI), Flagstar Bancorp Inc. (NYSE:FBC), IMPAC Mortgage Holdings, Inc. (NYSEAMEX:IMH), US Airways Group, Inc. (NYSE:LCC), Nam Tai Electronics, Inc. (NYSE:NTE), Patrick Industries, Inc. (NASDAQ:PATK), Sunrise Senior Living, Inc. (NYSE:SRZ), Stewart Information Services Corp. (NYSE:STC), and USG Corporation (NYSE:USG).

Friday saw the E-mini S&P 500 Futures Contract (ES) open slightly lower and just above the pivot. It quickly moved away from the pivot, moving up. Even quicker, it returned to the pivot and moved downward. It didn't take it long to pause and begin moving sideways. Eventually, the ES began to recover and moved back up to trade in the area of the pivot. It finished the day in this area. It was an inside day.

The range for the day was 7.75 points.

The levels for today are:

R3 = 1429.5

R2 = 1421.75

R1 = 1418.25

Pivot = 1414

S1 = 1410.5

S2 = 1406.25

S3 = 1398.5

No positions in stocks mentioned.
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