Monday, May 16, 2011

Day trading course Bearish channel bounce

Day trading course S&P500 learn how to trade.  Bearish channel bounce off of support on the supporting trend line. [caption id="attachment_3789" align="alignleft" width="300" caption="day trading course short term bearish channel"]day trading course short term bearish channel[/caption] Point of control on the S&P500 emini futures contract is 1333. In the am Day traders were in control as they hit first resistance levels at 1340. Retesting support at the 50MA and looking for buyers to step back in. Another low volume Monday. It has been a while since we have had a rally out of this consolidated range. Support at 1327 and extreme low on this bear channel in the short term of 1325.50. Resistance is coming in at the 200 ma around previously mentioned 1340 and 1344.  If we can get buyer commitment above these levels we could break the bearish trendline resistance and move to 1352 then 1358.  Looking for a mid term change in direction with price above 1361.25

S&P 500 day trading course

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