Monday, March 1, 2010

S&P 500 Day Trading March 2, 2010 Support and Resistance

Today the S&P 500 opened at 1107.25. With the market closing on Friday, Feb 26 at 1102.75, we saw a 4.5 point gap up. This gap was not filled, as the market moved up for most of the day, never sinking far below the open with a low of 1106.75. The high for the day was 1115.50. This gives a range of 8.75. This tight range is below average, and shows that we are in a bit of consolidation. Look for a breakout coming soon. The market closed the day of trading at 1140.00

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S&P 500 Emini Day Trading Gap Tuesday March 2, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2072" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday March 2, 2010"][/caption] S&P Emini 500 Futures had a big 6 point gap down Thursday morning. Action rallied to come back to within a point of yesterday's close but never quite got there. There was high volume action today that yielded little change. Total volume was a well above average 2.7 million contracts. Trading range was 18.25 points, deeper than the average. true range of 15.0 points. The 1102.00 close makes the daily candlestick finish as a doji formation. That reflects a market in decision. Trading has hovered around 1100 for the last few sessions.

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market wrap up

Forex trading market wrap up. • Eurozone Manufacturing PMI (Feb) came out at 54.2 (54.1 expected, 52.4 prior) • Eurozone Unemployment (Jan) was stable at 9.9% (10.1% expected, 9.9% prior) • UK PMI (Feb) better than forecast at 56.6 (56.1 expected, 56.6 prior) • UK final Money supply (Jan) +0.4% m/m +4.9% y/y (-0.9%/6.6% prior) • Swiss PMI (Feb) posts stronger 57.4 print (56.0 expected, 56.0 prior) • Canadian quarterly GDP (Q4) beats estimates at 5.0% (4.2% expected, 0.4% prior) • US ISM Manufacturing weaker than expected at 56.5 (58.0 expected, 58.4 prior) • ECB Stark and EU Commissioner Rehn to meet Greek officials in Athens • EU's Juncker said "would act against market speculation if it ignores Greek reform efforts" • Greek Prime Minister stated "fiscal crisis only tip of iceberg", "has reached dramatic dimensions" • Greek Finance Minister said government will do whatever it takes to cut budget, new measures if needed

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Euro Crisis is first Dollar crisis is next.

The collapse of the Euro could be the tell tale for the collapse of the Dollar, Chris Wood gets talked over by the CNBC lame street pundits.

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Forex trading eurusd targets

[caption id="attachment_472" align="alignleft" width="246" caption="Forex currency trading targets eurusd"]Forex currency trading targets eurusd[/caption] Forex day trading course Extension is the target on this move down.  EURUSD is looking bearish.  Watch for a move to 1.3380 to come on if the initial figure falls. Greece won"t leave EZ says France FinMin Lagarde - DJ Wil stay with appropriately loose monetary policy, important to manage inflationary expectations say China Prem Wen - DJ China Feb official PMI 52.0, 55.45 exp UK Feb Hometrack house price index rose +0.4% y/y, 1st annual rise since March 2008. "Wouldn"t hurt if banks held a bit more capital" say RBA Gov Stevens Australia Q4 company gross profits +2.2% q/q vs. +2.3% exp Australia Jan new home sales +9.5% m/m, houses +10.1% Australia Feb PMI +2.8 pts to 53.8, output, new orders and deliveries higher. NZ Feb ANZ commodity price index jumped +3.8% to 220.3

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S&P 500 Day Trading Course Gap for Mar 1, 2010 Support and Resistance

Friday's trading kept things in the consolidated range once again.   Opening at 1102.75 and closing the day at the exact same price.  Prices traded a range of 10.25 points through the day, but went nowhere over all.  Monday's Trading could see prices retest the 1096 support, with 1092.75 and 1083.50 the next targets.  If price does move through the resistance at 1112.00 we will be watching for a touch to 1119, with 1127 and 1132 the next area's to watch for from there.  aa

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