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ES Support and Resistance for July 30


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 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 higher, above R1. By the end of the first hour of trading, the ES had moved to R2, where is paused. The ES moved up a bit before spiking higher in the middle of the day, braking through R3 and then pausing.

The levels for today are:

R3 = 1425

R2 = 1400.5

R1 = 1391.5

Pivot = 1376

S1 = 1367

S2 = 1351.5

S3 = 1327

No positions in stocks mentioned.
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