Monday, May 16, 2011

Day trading course weekly chart trading tips

Day trading course weekly chart trading tips on the consolidation at the top.  Day traders have been fighting the resistance on this move up for over 14 weeks with no real upside momentum. As we are showing a sell shadow on the weekly chart if this breaks below 1318-20 we could have a turn in the market. [caption id="attachment_3793" align="alignleft" width="300" caption="day trading course weekly chart"]Day trading course weekly chart[/caption] The point of control on the weekly chart is 1312.  Buyers are still in control, but this week could see a test of those levels. See comments on chart. The sell shadow on the weekly with a small retrace and loss of buyer control normally would project price to move to the 1312 area. First real test is at 1322.  If we can keep the close above there and test down in After hours there will be a chance.  Closing under here could be a problem for the bulls. Long term support and keeping is un this bullish channel comes in around 1240.  If this acts as support we can keep this bullish channel in tact. Watch out for low volume days. Remember to always trade with a stop, as trading the S&P500 emini futures contract is high risk.  

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