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ES Support and Resistance for July 5


Today's levels.

The S&P 500 Index (SPX) was up week-over-week, with most of that up move coming on Friday of last week. The SPX closed above the 50 day moving average (DMA) and the 200 DMA. My indicator switched back to saying that it's time to be in the market. I bought the S&P 500 ETF Trust (SPY) and the Powershares QQQ (QQQ) on Tuesday, putting approximately 50% of the available cash in this first move.

As an alternative, one could look at stocks I'll call titans. (I talked about the titans when I was in the blog area of Minyanville. For those who did not follow the blogs, I'll explain the titans again at a later date.) The stocks on this list are: Arctic Cat Inc. (ACAT), Carmike Cinemas Inc. (CKEC), Town Sports International Holdings Inc. (CLUB), Conns Inc. (CONN), DXP Enterprises, Inc. (DXPE), Fifth & Pacific Companies, Inc. (FNP), Myers Industries Inc. (MYE), and Susser Holdings Corporation (SUSS).

The E-mini S&P 500 Futures Contract (or ES) opened down from the previous close and in the area of the pivot. In the first 15 minutes, the ES moved down to test S1. The ES penetrated the level of S1 but quickly moved back above that level to return to test the pivot. It spent over two hours there before briefly rising above the pivot. The ES moved back down to close just above S1.

The levels for today are:

R3 = 1384.75

R2 = 1373.5

R1 = 1367.5

Pivot = 1362.25

S1 = 1356.25

S2 = 1351

S3 = 1339.75

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