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Monday, January 18, 2010

S&P 500 Day Trading Course Gap For Jan 19, 2010 Learn How to Trade


Prices opened trading at 1143.00 Friday, up one point from Thursday's close of 1142.00. Prices peaked early in the day at 1144.00, then began a decent throughout the day. Prices traded to a low of 1127.50 before finding support and closed the week at 1132.00. The range was a welcome 16.5 points while the gap at 1142.00 was filled.

For Tuesday's trading we are looking for a possible check back to the 1140.00 area of resistance, then the 1147.00 area of resistance from there. On the low side prices could retest the 1127.50 level and with volume on it's side move to the 1125, and even the 1113.00 levels.


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S&P 500 Emini Day Trading Gap Tuesday January 19, 2010

                             S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Tuesday January 19, 2010
S&P Emini 500 Futures gapped down 1.75 points Friday morning.  The gap down preceded a morning sell off that took the index to a low 1127.50 by 1:00 pm.  Prices found support at that level.  The index has actually tested the 1127.50 level three times since January 7th, and has provided support each time.  Look for a break down if prices fail below that support.  Earnings season begins in earnest, with big players (IBM,C, CSX, BAC, GOOG, GE, and others) reporting this week.  The market is still seemingly very news driven, and earnings surprises either way could provide plenty of volatility for this shortened trading week.


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Forex trading US market closed EURUSD trading

FX markets were unimpressive in the Asian session. With the US out on holiday, today's trading session is expect to also be uneventful. Coming off last week, weaker US data, China's reserve requirement increase, rumors of Chancellor Merkel's resignation, unsatisfactory answered questions surrounding Greece and JP Morgan's better earnings, but cautiously outlook had traders understandably nervous. The EURUSD finally found a temporary bottom around 1.4335, while the USDJPY ranged between 90.60 and 91.30. Treasury yields dropped along the curve, with the 2y down to 0.86%. Perhaps the highlight of Asian trading was the noticeable response to Evans-Pritchard piece in the Telegraph, which paused the EURUSD lower. The article suggested that the ECB was preparing legal grounds and framework for the secession from the monetary union. The article lacked any hard evidence but relied mainly on the author's strong reputation. However, given the stress Greece is under, policy members must be contemplating "what if " scenarios…I know we are. In New Zealand, December residential house price index disappointed at m/m -0.9% vs. 0.2% prior. Markets will now be watching CPI on Wednesday and weak import and food price data have increase the possibly of a downward surprise. The RBNZ is expected a 0.2% q/q fall, so anything lower will reinforce the view that rates will stay on hold till mid 2010. The NZDUSD failed to break 0.7450 resistance last week and further removal of yield support will put addition pressure on the kiwi. Other key data points this week will be from China, with Retail sales, GDP and IP are all expected to remain elevated. While the stronger data will be good from the global economic cycle, too much growth and inflation might make Chinese policy makers nervous, prompting an acceleration of their tightening cycle. As we have seen last week, it would be highly negative for risk collated trades (especially commodity currencies).

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