S&P 500 Day Trading Course Gap for Feb 17, 2010 Support and Resistance

Tuesday's trading opened at 1083.50, gaping up 8 points through the long weekend.  Prices moved down from open, trading to a low of 1079.50 where they could not move through the support and turned back to the upside.  Futures then traded up for the rest of the day to hit a high of 1094.00 shortly before close and then relax slightly to close the day at 1092.50.  Tuesday traded a 14.5 point range, on lighter than average volume.  Futures traded about 1.6 million contracts through the day and price has now moved through our resistive trend line on the channel from Jan 14.  Watching for the move to 1100.00, if we move through the 1100 area we may see 1106 and 1112.50 as targets.  On the lower side we could see a touch back to the 1083.50 level as well as to the two open gaps side by side at 1075.50 and 1076.50 from Feb 12 and 16th.  Keep you eye on the ball.  I'll see you at the starting line!

S&P500 day trading course