Sunday, July 25, 2010

S&P500 day trading course NY open daily chart

S&P500 day trading course Sunday Pre market NY open Price Action. [caption id="attachment_2399" align="alignleft" width="255" caption="S&P500 day trading course daily 7-26 chart"]S&P500 day trading course daily 7-26 chart[/caption] The area between 1083.75 and 1103.25 is where Market makers are either in distribution or accumulation at these levels as mentioned previously.  Remember the performance of the market and the performance in the economy is not linked, it is "unhooked" presently and there fore am watching for market makers to take advantage of investors in the near term. If we see a break to the topside resistance is at 1119.75 then an extreme high of 1129.75. If this resistance is broken watch for the longer term targets of 1145 and 1169. On the support side we will be watching as traders are looking for commitment in direction and breaking through the 1080.50 Point of Control.  Expecting the range to be to 1066 and bounce around here unless there is a large sell off.  I think this will occur off a head fake into previously mentioned resistance. Looking for a intermediate term double bottom at an extreme low of 1001.75.   If the market stalls here then we will have a consolidation zone which coincides with longer term charts.

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