S&P500 day trading course inverted head and shoulders daily

S&P500 day trading course inverted head and shoulders daily. S&P500 emini future as breached the neckline on the inverted head and shoulders on the daily chart. [caption id="attachment_3284" align="alignleft" width="228" caption="S&P500 day trading course 9-21 inverted head and shoulders daily chart"][/caption] The right side inverted shoulder with extension would complete at 1166. The S&P500 emini has an open gap at 1156.25, if this holds and we break below 1122 then the move will be over. Initial support and the point of control will be at the 1137.50 area. If the buyers can hold we could finish the move with in the next few days. The news, although quite misleading in content is pushing for new highs. There is further resistance at 1166, then 1178.50 then 1198.50. The longer term Point of control has been breached at 1122 and the buyers are in control.

S&P 500 day trading course

S&P500 day trading course open charts

S&P500 day trading course Lunch time NY Move on resistance for the weekly Point of control at 1133.25 This is a key area on the S&P500 emini futures contract as buyers will be gaining control for the move to an extreme high of 1156.25. [caption id="attachment_3267" align="alignleft" width="229" caption="S&P500 day trading course intraday chart price action"][/caption] We have some support at 1129-31 area as there was a volume increase in buys here.  Expecting to see some exhaustion here as the buyers re group to run at the resistance again. If the buyers loose control here, we could see a complete reversal to todays open in the after hours. Watch for news this week and maybe some pressure out of Europe as Ireland pops onto the pressure on the Euro, this could also push the US market down as dollar gets a bit of a rally. Normally, there is an inverse relationship between the two, we could see a bit of  "deCoupling" as this intiallly occurs. Trade what you see.

S&P 500 day trading course

S&P500 day trading course NY close daily chart

S&P500 day trading course NY close the daily chart on the S&P500 emini futures.  Getting ready for a roller coaster here as the emini is moving against resistance and about to break through to new short term highs. [caption id="attachment_3261" align="alignleft" width="250" caption="S&P500 day trading course daily chart NY market close"][/caption] From early May we have seen decreasing volume into the summer season where traders are normally taking off.  We are now into the second week of September, which is where we seasonally experience increases in volume into the more volitale months of October and early November. 1127.50 is the point of control for the bulls to take this to the resistance around 1156.25. This is our 2nd target on the move up from POC at 1049.25. If we break the 1169.50 resistance then we are looking to 1200 for the next area of consolidation.  We could see this in Mid- October as the next round of quantitative easing hits the market.  It doesn't look like the government will let this wash out. Support in the S&P500 emini futures market is coming in around the 1111 area with continued downside support that will come in at the psychological 1100 mark, then 1049.25.  If we get a break under the 1080.50 mark I would watch for some consolidation at 1062.75 then 1049.25 to 1036.75. I would add these levels to your long term charts to look for short term reversals and areas of consolidation. Trade what you see.

S&P 500 day trading course