S&P 500 support and resistance live trade room

Opened at 1098.00 a gap up from yesterdays close of  1092.75. The gap didnt close until 11:40 EST through and a close of 1097.75. Most of the day consisted of sidways action with trades occuring wihtin the bollinger lines. the 1100 ceiling was tested twice and the support of 1092.75 was tested twice as well. Trading tomorrow will need larger sellers or buyers to break both of these support/resistance lines. Tomorrow's news occur mainly premarket time except for crude inventories that will most likely add volatility into the market at 11:00 EST. Look for another test at the 1100 ceiling tomorrow with a break back down to the 1092.75 support as today's volume and sideways action shows buyers are reluctant.

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S&P 500 Emini Trading

Opened today at 1083.75, gap up of 3 points from Friday's close. gap was quickly filled dropping to 1079.75, a strong resistance line. Market turned at this resistance for an uptrend  the rest of the day to close at 1092.75 a 13 point range. Pre-market today the longer term chart's MAs moved into a sweep position indicating agreement in buyers to move the market up. Next ceiling is at 1100, a very strong ceiling that was last hit February 3rd - buyers could not bring in enough volume to breach this last time. Floors reside at 1079.75 and 1075.50. Tomorrow is a huge news release day with 12 releases occurring pre-market. Expect a lot of volatility due to this - be careful.

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S&P 500 Day trading course

today opened at 1110.50 a steady rise over the weekend, which quickly gapped down after market open  dropping to quick pierce of the 1104 support, which was tested multiple times throughout the day. In late afternoon price rose to close at 1106.75, a trading range of 7 points with much volatility, even though the long term charts show this as sideways action, intraday traders saw much volatility. This is the fifth day in a row where the market opens with as sell off and then slowly gains back ground in the late afternoon. It appears that traders are artificially raising prices, then quickly selling of their positions in early morning trying to "milk" as much profit as possible, then reentering in late afternoon at the days lows. Today though shows a lower low instead of the higher high we were used to seeing on the close of previous few days. Support is still storng at 1004/1105 range, and of course the 1100. Resistance comes in at 1110/1111.

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