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ES Support and Resistance for August 13


Today's levels.


The S&P 500 Index (SPX) was up every day of last week. It also was above both the 50 day moving average (DMA) and the 200 DMA at the close for every day of the entire week. My indicator continues to say that it's time to be in the market. I'm still recommending being in both the S&P 500 ETF Trust (SPY) and the Powershares QQQ (QQQ). You should be moving your percentage closer to the 100% level. (Remember, there is also the alternative in the titans should you want to be in stocks.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open below the previous close and between S1 and S2. It had been trading inside the range defined by those two values during the pre-market. The ES rapidly moved down to S2, where it bounced. On its return to S1, it briefly broke through but then stayed around that level to continue trading. Later in the day, it began moving higher, eventually moving through the pivot. We closed slightly above Thursday's close. Even though the high for Friday was the same as Thursday, the low was lower so it wasn't an inside day.

The levels for today are:

R3 = 1420.5

R2 = 1409.75

R1 = 1406.25

Pivot = 1399

S1 = 1395.5

S2 = 1388.25

S3 = 1377.5

No positions in stocks mentioned.
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