S&P500 day trading course price action

S&P500 day trading course live trading room price action on the S&P500 emini futures contract. [caption id="attachment_3356" align="alignleft" width="300" caption="S&P500 day trading course S&P500 emini futures price action"][/caption] This past week we have seen a double top on the S&P500 with resistance at 1193 .  The move down from the high has seen a bit of support at 1180 , and 1175 with price failure and a move back to 1180. We have a fourth attempt at the resistant trend line in this bullish channel with shallow pull backs. Support is coming in at 1174.50 and the next major support at 1167 followed by 1158-59.75 Resistance is of course coming in at our previous swing high at 1193, then 1197.50-98 .   Even Obama is cheering for the break of  1200, with his full press of cheerleaders led by Ben.  This could be the psychological break of the ceiling that could push the S&P500 to new highs. We could see a slight retrace to 1156, but the next move up could place us around 1344. If this occurs the 1100- 1350 trough could last for literally years.

S&P 500 day trading course

S&P500 day trading course price action

S&P500 day trading course price action on a daily chart.  We have been testing the S&P500 emini futures ceiling around 1186 and probably will be consolidating in this area for the close into the weekend. [caption id="attachment_3351" align="alignleft" width="243" caption="S&P 500 day trading course daily chart "][/caption] the buyers have been in control the past three days on relatively light volume.  The sellers moved in on  Tuesday with over 3,000,000 contracts executing and our first selling pressure in a week. 1178-80 is a congestion zone with a lot of positions on both sides.  Looking for a test back to 1186 to continue.  If the buyers can not take it above the this congestion zone on the close there is a good chance we could see another sell off day like Tuesday coming soon next week.  The key will be the break of the daily point of control at 1166. If buyers do move in we are looking at resistance at 1186, 1189,1197.25 through 1203.  It seems that with all the pressure in the press to paint the economy as healthy that the fed will push to get this market above 1200. We shall see. Support at 1172 and 1166.  with a major support at 1144.75

S&P 500 day trading course

S&P500 day trading course price action S&P500 emini futures

S&P500 day trading course price action S&P500 emini futures.  Point of control for today was 1173.  Seems the bulls were in control as good new from Citi profits come over the wire.  Gold also crossed the 1372 mark. [caption id="attachment_3347" align="alignleft" width="258" caption="S&P500 day trading course price action"][/caption] 1182.25 held today as resistance is tested for the third time.  Watching for this to make a break for 1192 then the big Psychological Obama victory of 1200.  The champagne glasses will be ringing when this is broken. Support coming in at 1178 and 1173.50 below this we have  the 200ma where we have a confirmation on direction with the 200 ema crossing.  Will have to break through 1160 to get to the weekly point of control at 1156.

S&P 500 day trading course