Friday, September 17, 2010

S&P500 day trading course NY close daily chart

S&P500 day trading course NY close the daily chart on the S&P500 emini futures.  Getting ready for a roller coaster here as the emini is moving against resistance and about to break through to new short term highs. [caption id="attachment_3261" align="alignleft" width="250" caption="S&P500 day trading course daily chart NY market close"]S&P500 day trading course daily chart NY market close[/caption] From early May we have seen decreasing volume into the summer season where traders are normally taking off.  We are now into the second week of September, which is where we seasonally experience increases in volume into the more volitale months of October and early November. 1127.50 is the point of control for the bulls to take this to the resistance around 1156.25. This is our 2nd target on the move up from POC at 1049.25. If we break the 1169.50 resistance then we are looking to 1200 for the next area of consolidation.  We could see this in Mid- October as the next round of quantitative easing hits the market.  It doesn't look like the government will let this wash out. Support in the S&P500 emini futures market is coming in around the 1111 area with continued downside support that will come in at the psychological 1100 mark, then 1049.25.  If we get a break under the 1080.50 mark I would watch for some consolidation at 1062.75 then 1049.25 to 1036.75. I would add these levels to your long term charts to look for short term reversals and areas of consolidation. Trade what you see.

S&P 500 day trading course

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