ES Support and Resistance Levels for August 6
The S&P 500 Index (SPX) was up week-over-week and remained 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.)
It's time for a listing of new titans. These are not replacements for those in the previous month but an addition. The tracking portfolio would account for roughly 25% of the available portfolio put into the new group of titans each month. Only one of the companies was on the list last month. The new companies are AEP Industries Inc. (AEPI), American Railcar Industries, Inc. (ARII), Drew Industries Inc. (DW), DXP Enterprises, Inc. (DXPE), Gruma S.A.B. de CV (GMK), GP Strategies Corp. (GPX), The Marcus Corporation (MCS), Multi-Fineline Electronix Inc. (MFLX), Nortek Inc. (NTK), and Grupo Simec S.A.B. de C.V. (SIM).
Friday saw the E-mini S&P 500 Futures Contract (ES) open much higher after the release of the latest unemployment numbers. It had been trading around R2 and continued after the open. The ES began moving up from R2. R3 was a long way away and the ES doesn't reach the three levels too often. However, with good employment data, I thought this might be one of those days when it did reach R3. It did not and spent the rest of the day just above R2. Interestingly, although the ES was up 27 points, the range for the time period equivalent to the pit session was only 11.75 points.
The levels for today are:
R3 = 1409.5
R2 = 1397.75
R1 = 1393.5
Pivot = 1386
S1 = 1381.75
S2 = 1374.25
S3 = 1362.5