Wednesday, February 17, 2010

S&P 500 Day Trading Feb 18, 2010 Support and Resistance

Today, the S&P 500 opened at 1098.00, leaving an opening gap of 5.50. This gap was nearly reached when the market dipped to 1092.75 at 11:35 AM. Throughout the trading hours of the day, the S&P 500 moved sideways in a 7.25 range. This narrow range never was able to break through that magical 1100 mark, only able to push up and test 1100 twice. With a some news at 2PM, one would think that we would have seen the market break thru 1100 but it failed to provide a substantial amount of volume to push higher. Again, with quite a bit of news tomorrow, look for a test and push thru at 1100. The market closed today at 1097.75, five points up from yesterday's close.

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S&P 500 Emini Day Trading Gap Thursday February 18, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2047" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Thursday February 18, 2010"][/caption] S&P Emini 500 Futures gapped up this morning, then filled in the first two hours of trading.  The futures had a narrow trading range today with a test of the 1100 level pre market and post market.  The price has been touched, so tomorrow may see a move through that level.  Several news reports tomorrow, led my the jobless claims report pre market, will have an influence on direction for the next couple of days.  Options expiration on Friday also lends to possible volatility in the Emini Futures.  Today's volume was less than average, and indicates possible lack of conviction towards upward market movement.

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[caption id="attachment_446" align="alignleft" width="299" caption="Forex trading daily chart EURUSD"]Forex trading daily chart EURUSD[/caption] €  Forex Day trading The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3755 level and was supported around the $1.3585 level.  The common currency snapped higher despite lingering concerns about eurozone sovereign credit risk.  Traders expressed some satisfaction today, however, with the hard line approach that eurozone officials are showing Greece.  The European Union today announced it is providing Greece with 30 days to confirm it is serious about improving its fiscal problems.  Eurogroup Chairman Juncker said a financial lifeline for Greece "depends on how far Greece agrees to additional measures in case those are warranted."  Greece will likely be forced to curtail fiscal spending and raise taxes to qualify for credit assistance from eurozone members.  U.K. Chancellor of the Exchequer Darling called on Greece to "resolve its own budget problems."  Eurozone finance ministers today nominated Portgual's Constancio – a known monetary dove - to become the next Vice President of the ECB and some believe this heightens the likelihood that Germany's Weber – a monetary hawk - will become the new ECB President in 2011.  Data released in the eurozone today saw the German February ZEW economic sentiment survey decline to 45.1 from 47.2 in January while the EMU-16 economic sentiment index receded to 40.2 from 46.4 in January [...]

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

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

aaTuesday'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!

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