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Wednesday, September 23, 2009

S&P 500 Day Trading Course Gap For Sept 24, 2009 Learn How to Trade




Trading opened today at 1069.50, 2.5 points up from yesterday's 1067.00 close. We traded the same area of consolidation that we have been stuck in the last few days between 1062.00 and 1070.00 for the morning and better part of the afternoon.

The last hour or so however brought us our high of 1075.75 when prices turned and plummeted 20.5 points over the last 60 min of trading down to the low of 1055.25. This 17.5 point move in the 3-4:00 area is the largest 1hr move I have seen in a while. However prices relaxed 1.5 points to close trading at 1056.75.

Watch prices tomorrow, as we appear to have possibly broken out of our longer term uptrend. With a continuation down tomorrow and break through our 1056.75 area of support we could see a move down to the 1045.00 area, maybe more. On the other hand we could get stuck again in our previous consolidated areas, and revisit some previous levels of support and resistance. Let us see what the day brings.

See you at the starting line!






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