Tuesday, May 17, 2011

Day trading course Bear channel holds

Day trading course Bear channel holds on the S&P500 emini futures.  Day traders are holding this channel with sellers in control.  The Point of control is 1324 . [caption id="attachment_3797" align="alignleft" width="300" caption="day trading course bearish channel holds"]day trading course bearish channel holds[/caption] Support is 1318 then 1312.  As mentioned if we get below here then we are going to test towards the previous swing low. Expecting a push down to the supporting trend line.  We have been in a bearish channel for two weeks since the top was reached on Bin laden's fatality. Going to watch this consolidate in this area to 1300 long term.  We have resistance at 1324, 1327 1332 and 1336 as we approach the top side of the bullish channel.  

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