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ES Support and Resistance for July 9


Today's levels.

The S&P 500 Index (SPX) was up week-over-week, with most of that up move coming on Friday. The SPX closed above the 50 day moving average (DMA) and the 200 DMA. My indicator continues to say that it's time to be in the market. I'm still recommending both the S&P 500 ETF Trust (SPY) and the Powershares QQQ (QQQ). This should make up approximately 50% of your portfolio's value that you intend to put into stocks.

Friday saw the E-mini S&P 500 Futures Contract ("ES") moving in a vary narrow range in the pre-market. With the release of the unemployment data, the ES spiked down. It opened just below S2. At that point, I wondered if we'd see it move lower. The ES was below S2 and in the area of 1350, an area many were looking at as a major support level. The ES began moving slowly down, though. Eventually, the ES began moving sideways. As we moved into the last hour, the ES began recovering and moved right to S2 where it closed just above that level.

The levels for today are:

R3 = 1369.25

R2 = 1359

R1 = 1355.5

Pivot = 1348.75

S1 = 1345.25

S2 = 1338.5

S3 = 1328.25

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