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Friday, April 8, 2011

Day trading course Before the bell price action day trading tips

Day trading course Before the bell price action day trading tips for the S&P500 emini futures.  We ran down to support and the market has a chance to rally into the close or consolidate at these levels. [caption id="attachment_3684" align="alignleft" width="300" caption="day trading tips before the bell price action"]day trading tips before the bell price action[/caption] support is at 1320 and 1310 the Point of control is 1326. Sellers moved in and brought the market down in the lunch hourwith 650000 contracts traded in the 3 hours before the close.  Market volume is quite low with most traders gone for the weekend. Could see some closing out of positions going into the weekend as there is a bit more volatility in Saudia Arabia and disturbing news coming out of Libya. The point of control today gave some support and could be acting as a headfake to the support at 1319-20.  Watch yourself here in to the close as it might seem like a good place to reverse. Next week we are looking for test to new highs.  Wait for the turn on a longer term chart on this move down.   Remember, we dont know if it is oversold until it turns......  

S&P 500 day trading course

Day trading course S&P500 weekly chart targets

Day trading course S&P500 weekly chart targets.  We are in a bullish channel on the approach to our previous highs.  The charts are showing a possibility of a continuation to the upside. [caption id="attachment_3677" align="alignleft" width="269" caption="Day trading course weekly chart targets day trading tips"]Day trading course weekly chart targets day trading tips[/caption] The S&P500 emini futures and the S&P500 large contract are in a long term  bullish channel.  We are presently in an area of consolidation moving out of a bullish Flag pattern. Normally we are looking for a double top to occur within this next week's candlestick.  This week could end in a doji, reflecting trader indecision on direction.  We are above the point of control so buyers have taken the market from the sellers. We have an upside target of 1421 if we break through the resistance at the double top.  Watch for the test this next week. We do have support near by at 1296-1303.  A lot of congestion in this area. If we get a lower high on this move up we could see some momentum if there is a sell off to 1265. This Channel is quite strong, we shall see. Remember, this is a longer term chart, we can see the major tendency of buyers and the direction we have.  There is about a 60 point swing in the channel andwe are in the mid point. Join us in Calgary for a day trading course this next weekend.

S&P 500 day trading course

Day trading S&P 500 emini futures live trading room and day trading course's Fan Box