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ES Support and Resistance for July 23


Today's levels.


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 you consider being in 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. (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 just above S2. One wouldn't expect the ES to move too far below S2. However, being an options expiration day, the price movements were anticipated to be pretty much unpredictable. Through the middle of the day, the ES traded on either side of S2 while the NQ moved lower. Eventually, the ES broke through S2 only to return to test it from below. S2 held and the ES moved lower, closing a couple of points below S2.

The levels for today are:

R3 = 1377.25

R2 = 1368..75

R1 = 1363.5

Pivot = 1360.25

S1 = 1355

S2 = 1351.75

S3 = 1343.25

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