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ES Support and Resistance for July 18


Today's levels.


The E-mini S&P 500 Futures Contract (ES) opened above R1 but was moving lower. The ES quickly tested R1, breaking through R1. It then moved down to the level of the pivot. (This rapid downward move was most likely due to the release of Ben Bernanke's statement before Congress.) Once below the pivot, the ES found it to be an effective ceiling. After trading near the pivot, the ES moved lower to break through S1. Before reaching S2, the ES stopped falling and moved up to test S1 from below. This proved to not be very much resistance. (It was probably more a recovery after the initial reactions to Bernanke's testimony.) After moving sideways for a bit, the ES moved up to test the pivot. Less than 90 minutes after Bernanke's statement was released, the ES had recovered almost all of what it lost at the release of his statement. The ES was trading just above R1, in the area where it had been before the release of the statement. We spent the middle of the day in the opening five minute range before the ES challenged R2. It traded in that area through the end of the day.

The levels for today are:

R3 = 1395.25

R2 = 1374

R1 = 1366.25

Pivot = 1352.75

S1 = 1345

S2 = 1331.5

S3 = 1310.25

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