S&P 500 Day Trading Course Gap For Dec 10, 2009 Learn How to Trade

Wednesday's trading opened at 1090.75, down 2 ticks from Tuesday's close. Prices traded to the low of 1085.00 this morning, then turned and began a slow pace upward. The high today traded at 1097.00 while closing the day at 1095.25. The range came in at a decent 12 points while the gap at 1091.25 was filled.
With the support at 1085.00 prices will have to find some volume in order to break through. On the other side prices did touch very close to the 1100 area today where resistance held.
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S&P 500 Day Trading Course Gap For Dec 9, 2009 Learn How to Trade

Tuesday trading opened at 1096.00, down 7.25 points from Monday's close. Trading opened to a drop in prices as they traded down instantly from open to a low of 1087.75 in time for the 10am reversal. From there prices regained their lost ground and made their way back up to a high of 1097.50 by about the noon bell. The rest of the day was then spent stuck in a 4 or so point channel between 1094 and 1090.00, with prices testing the support shortly before close. Prices closed the day at 1091.25, down 12 points from yesterdays close.

In the longer term,we watched as prices found support today in the 1088.00 and 1091.00 levels. If we get another increase in seller volume and break through support we could see prices move toward 1077-1079 and then 1069.75. On the upside prices may retest our 1100 area of resistance where we have an open gap from today's trading, should prices make it through there (which I would find surprising) we would be looking at 1115.00 as the next area of resistance. A level that we have so far only managed to pierce, even with several attempts.

You know where you can find me..... See you at the starting line!

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S&P 500 Day Trading Course Gap For Dec 7, 2009 Learn How to Trade

Friday's trading opened at 1113.75, up 5.75 points through the overnight session. Prices quickly moved to a high of 1119.00 where they were met with resistance and turned. Prices then traded down 23.75 points to a low of 1095.25, once again piercing the resistance but not carrying through. Friday's trading closed at 1105.25, down 2.75 points from Thursday's close.

Watching for Monday's trading to test the 1100 level before deciding where to go. If trading moves to the low side and breaks down we could be looking at a test to 1092.25 then 1085.50 and an extreme low of 1076.50. If prices break to the upside we will be looking at another move into the 1116.00 level where we will have to break through resistance before moving on from there.

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