[/caption] If we Break through this support at 1036.75 then the next area of major support is 1001.75 which is a major support. Targets below this are 955.25 then 936.50 with 855 as major support if we get a sell off. 
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[/caption] Point of Control will be 1047.50 on the day. 5 down days in a row. This is normally where we get a bounce so watching for a doji on the day. Support is coming in at 1040.50 with next major support at 1036.75 then 1025.25 and an extreme low of 1001.25. WE could consolidate around the POC and then close at 1049.25 . with further resistance at 1055, 1062.75 as the 200MA is going to put up some tough resistance. 
[/caption] Resistance will be at 1059.25 for resistance and yesterdays close of 1065 for the gap. Point of control for the day will be 1056. Housing news is getting worse and worse. Looking for a continuation down in housing prices this fall and further foreclosure in the commercial sector as more over leveraged loans are called. Many factors to keep this market down. If the bond market collapses soon we could see hyper inflation set in. 
[/caption] Presently in the after hours we have a doji on the 200 ema, this is perfect for a break out to determine direction. The Point of control for today is 1094.25 for a bullish break out on low volume. Looking for 1094.25 as first resistance, 1100-02 as second resistance and then 1109-11 for the next area of resistance and a congestion zone. It looks like we do have price failure into the 1086-94 congestoion zone this past three days so there is a possibility for a sell off breaking the supporting trend line (yellow) with a move past 1080.50 then on to 1069 area. If we move below the 1062 area I would be looking for a formation of an Inverted H&S in this next two weeks. 
[/caption] No news today after market opens. Looking at a point of control for this morning at the 200 ema at 1086.75. Sellers lost control of direction yesterday and buyers stepped in giving us some price failure. If we break above here on basket orders we could see this head back to 1094.25 then on to the psychological 1100. Yesterday the Ninja Trader Zen Fire platform placed orders that were cancelled after their ISP went down. Cost a lot of traders some money. If you see some inconsistent action on your trading platform do not trade. Never risk money to see if it is working. Call if you have to but do not place an order. You don't know if there is a delay. 
[/caption] Basket orders took us down this AM off the open into support at 1069.75 which is the point of control for today. Bulls are going to have to keep price above this area. It looks like we have had a bit of price failure or testing to the down side. Further support at 1062.50 and 1050. If we bounce up from here we are looking at resistance at 1075, 1080.50, and then 1090.25 . 
[/caption] A Hindenburg Omen is an indicator that is a technical analysis pattern that supposedly shows up prior (just) to a stock market crash based on the NYSE. New York Stock Exchange. It is based on a large number of stocks hitting annual highs as a large number of stocks hit annual lows. The Hindenburg omen basically shows new lows and downside risk. Here is the scoop: The probability of a downside move over 5% is 77%. Pretty nice odds. Zero hedge has a break down and some information 
[/caption] Point of control for the day is 1080.50. In the overnight session of the S&P500 emini we have tested down to 1070.50 where we can see some support coming in. Below this we have an extreme low support of 1036.75 and one more at 1050.25 where we can have some previous consolidation. 1088 and 1119.25 are two open gaps to the upside. High probability of getting one of these. Volume on the daily has increased and as usual the increase in volume takes us down. This could be a short term test down and the key will be through the prior swing low of 1050.50. This is the level where the bulls will have to put in or else the next move down could be large. 
[/caption] Point of Control is from 1111.00 if we stay under here I am looking for the price to bounce between the 200ma and the 200ema (red dotted line) around 1088. I have my first area of support coming in at 1094.25 There is not very much news to move this. More later. 
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[/caption] Watching the 3rd attempt on the bullish Channel. If we don't break through to retest at 1100 area would be looking for this to close as a hammer on the daily. There is not much volume commitment on this move down and the bulls are pushing this back up quite easily. Watch for the 1118.75 resistance, if they can' t get above this level we could see a continuation down. This 20 point range we have been bouncing around in try to get direction has been indicative of past August sessions where we have lower volume and stay rang bound until the Market Makers get back from Vacation. Watch for the news today on FOMC, could get some volatility. The Point of Control is 1125.25, if we move above here we have some room to 1133.75 then on to fill the open gap at 1156. 
[/caption] Market is slow so I wanted to post some targets for the S&P500 emini futures contract and show a possible price action. The Market is in a bullish channel with an extreme high target of 1165. I am looking for 1065 the open gap and then a turn from here in the zone between the two. First area of resistance is 1133.75 then 1145. Since breaking the bearish channel at 1080.50 the market has moved up on lower volume. The first two weeks in August historically have had lower volume and if this past year is any indication of market performance we will probably see this move up. The market's point of control for today is 1119.75 and we will probably consolidate around this area through to the close. A doji on the day would be par for the course. 1108.25 is the first area of support but as we have seen over the past few weeks we will probably get a little bit of consolidation and then a break out from this zone. The psychological support of 1100 is also there as bulls fight to keep this going up. 1080.50 is the extreme low in a sell off and expect to see some support in the 1093-97 zone and the 1087-89 zone. [caption id="attachment_2424" align="alignleft" width="124" caption="Montreal S&P500 day trading course "][...] 
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