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ES Support and Resistance for August 27


Today's levels.


The S&P 500 Index (SPX) was down for the week. It continues to trade above both the 50 day moving average and 200 day moving average. I'm still recommending being in both the S&P 500 ETF Trust (SPY) and the Powershares QQQ (QQQ). You should have moved your percentage closer to the 100% level. (Remember, there is also the alternative in the titans should you want to be in stocks, which would have you in at roughly 50% and be up 1% for that 50%.)

Friday saw the E-mini S&P 500 Futures Contract (ES) open lower than the previous close and just above S1. S1 was effective support with the ES rising after the first half hour. Into the second hour, the ES had touched the pivot. It continued to move, spiking to R1. R1 did not hold. However, the ES didn't move too far above R1 through the middle of the day. After drifting down, the ES began moving higher again.

The levels for today are:

R3 = 1438.75

R2 = 1422.25

R1 = 1416

Pivot = 1405.75

S1 = 1399.5

S2 = 1389.25

S3 = 1372.75

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