Tuesday, June 1, 2010

S&P500 day trading course live room

S&P500 day trading course live room levels of support and resistance. [caption id="attachment_2308" align="alignleft" width="226" caption="S&P500 day trading course chart 6-2"]S&P500 day trading course chart 6-2[/caption] We are watching the S&P500 emini future in the after hours sink below the Point of control at 1075.25. We shall see who remains in control.  Looking for a break of the 1067.25 support and a test to 1056.25 during intra day trading . with an extreme low around 1049.75 and a sell off low to 1019 as mentioned previously. If we fail to move through this area in the next 3-5 days I would be looking for an Inverse Head and Shoulders pattern on the daily with an upside target around 1140. I see resistance on the upside at 1079.50 and further resistance as price moves to the 200MA. I think most Market Makers are sidelined as the Interest rate results will be out this week. Watch out for more news with Greece as the British Economists are encouraging them to get out of the Euro Zone.

S&P 500 day trading course

Forex day trading Chinese PMI expands

Chinese PMI manufacturing expanded at a slower pace in May, falling to 53.9 (prev. 55.7, exp. 54.5), adding to signs that growth may moderate. A government crackdown on property speculation is cooling the economy by damping sales and construction, while Europe's sovereign-debt crisis could exacerbate a slowdown by cutting export demand. China may delay raising benchmark interest rates or letting the Yuan appreciate against the USD even after the economy grew 11.9% in Q1. The fall in the headline PMI might be an early sign of a slowdown, but China still faces overheating risks in many parts of the economy. Output fell to 58.2 (prev. 59.1), new orders slid to 54.8 (prev. 59.3) and input decreased to 58.9 (prev. 72.6). The HSBC China manufacturing index fell to 52.7 in May, the lowest since June 2009. Chinese policy makers are trimming stimulus this year after the $1.4 trillion lending that revived growth in 2009. Restraining inflation expectations and keeping housing affordable are two of the government's key goals after urban property prices jumped a record 12.8% in April from a year earlier. EURUSD fell to 1.2264 while EURJPY traded at 111.65 extending its longest monthly decline in 10 years on concerns Europe's efforts to reduce budget deficits will derail the region's economies as the credit crisis shakes the banking system. The EUR fell before a report forecast to show Italian unemployment increased to 8.9% (prev. 8.8%) and after an EU consumer sentiment index fell to 98.4 (prev. 100.6) yesterday. The ECB warned yesterday of more bank losses as the region's credit crisis spreads. The ECB said in its bi-annual Financial Stability Report yesterday that EU banks may see another 90 billion EUR in net write downs this year on loans and securities. The lenders will need to make provisions for losses of about 105 billion EUR next year, which may be even bigger amid "heightened sovereign risks and possible second-round effects of the fiscal consolidation, [...]

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