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Wednesday, November 17, 2010

S&P500 day trading course price action distribution exhaustion

S&P500 day trading course price action distribution exhaustion in the S&P500 emini futures contract.  From our highs on Friday we have a 33 point distribution from 1204 to 1171.  Tuesday shows a bit of volatility on the move down with heavy selling into the afternoon and then a consolidated range into today. [caption id="attachment_3382" align="alignleft" width="257" caption="S&P500 day trading course price action distribution exhaustion"]S&P500 day trading course price action distribution exhaustion[/caption] Todays point of control is 1180.50 and so far the Sellers have held the market.  This is a very tight consolidated range from 1178-1180. We have support at 1177 with a major support at 1171 then 1165, 1154 and an extreme low of 1127.75 . I am not looking for any volatility this afternoon, probably more as we head into the weekend. Our Resistant trend line is coming in around 1186 converging at the 50ma. If we get price failure on the hourly with inability to move through or close above 1186, then we might see more to the downside as a continuation of Friday's move. 1189 is the point of Control for accumulation if this move down is to be reversed by the buyers.  Looking for more accumulation to occur from this point and watching for resistance at 1193, 1204, 1209 in short term.  If we can close above 1209 the market looks clear to make an attempt on previous swing highs.

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