Monday, July 19, 2010

S&P 500 day trading course daily chart retrace to 1081

S&P 500 day trading course daily chart retrace to 1081 on the upside. [caption id="attachment_2394" align="alignleft" width="258" caption="S&P500 day trading course daily "]S&P500 day trading course daily [/caption] Looking at the bit of support here at 1062.75 and 1055.50 . The next level is 1036.75. We are in a Bearish channel to the resistance around 1083.50 close to the 200 ema, which as mentioned before is the heads up line to congestion to the 200ma.  Market makers could play this to the continuation of this channel. We will be able to tell as the stress test plays out and if there is another low volume rally. July and August usually has lower volume and most execs are off for the summer.  The stress test could make it busy if the general public understands that their health will be a sign of more and more money flowing into their pockets and out of investors (watch out pension funds)

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