Day trading course price targets S&P500 day traders

Day trading course S&P500 day traders price targets on the S&P500 emini futures Friday mid afternoon session. [caption id="attachment_3603" align="alignleft" width="300" caption="day trading course targets friday mid session S&P500"][/caption] We are still in a bearish Channel and have yet to test the resistant trend line.  We have moved through a 61% retracement and are looking for closing targets around 1285 on the upside or 1272 on the downside. Day traders have consolidated the price action around 1278-80  with some price failure to the upside. The commitment of buyers at this time is weak and might need to retest the support at 1272-1270 sto then make a move back up on Monday or Tuesday this next week. Remember financials are not connected to the economy when corporations are cutting back inventories and employment.  They are moving inverse to the general economy. Forget the news and watch the technicals. The 50ma is coming in tat1286 area and will act as a bit of resistance at this point. European day traders and Asian Day traders are closing their sessions.  Expecting a run up into the European close to close on some of the open gaps. Lots of volatility playing out here as Libya, Saudi Arabia, Armenia are approaching their governments to create democratic freedom. Hats off to the men fighting the reactor meltdowns in Japan, they are risking their lives for their country.  

S&P 500 day trading course

Day trading course weekly chart S&P500 day traders

Day trading course weekly chart S&P500 day traders.  The S&P500 emini futures ran up 30 points in the over night.  Amazing we get this kind of low volume move in the after hours. [caption id="attachment_3599" align="alignleft" width="288" caption="Day trading course weekly chart S&P500"][/caption] The weekly chart of the S&P500 shows us a very clear continuation pattern of the Inverted head and shoulders. Have added a Fibonacci retracement on this swing up to gauge the move down. You can see some major support on the weekly chart around 1210-1215 with the first area of support coming in at 1262.  The weekly is presently showing some price failure in this area which could indicate that this down side move will turn.  We practically touched the Supporting trend line with this price failure. A pattern to look for will be on the opening of next weeks bar, if the candle stick stays within the real price of this weeks candlestick and  test and retraces to 1300, then we might see test to the top.  This could give us a double to in a few weeks. Quantitative easing has not yet ended, so watch out.  Don't get a crush on this down side.  A lot of traders are ignoring the charts and are trading what they see in the economy and getting squeezed out. Remember, the technicals and forget the news.  You don't have to trade the extreme volatility to make money in this market. If you are feeling left out, then you better refer to your business strategy and your quantified results.  Sitting out during this high volatility could save your acc [...]

S&P 500 day trading course

Day trading course S&P500 long term targets chart

Day trading course S&P500 emini futures longer term charts looking at support and resistance. [caption id="attachment_3594" align="alignleft" width="300" caption="Day trading course long term targets S&P500 day traders"][/caption] Support has come in at 1243 which was previous extreme low.  Next extreme low coming in at 1210.  If we break to these levels and stay below 1265 then we might start the second of three legs down with 80 more points down targeted from a retracement. 1259 is a key price for buyers to get back in control of direction. We shall see in after hours this evening as Asia markets open and the Nikkei sets the tone.  Remember after hours there is low volume and some times there is alot of volatility on news. Seems like Europeans are basically pointing the finger towards Japan so no one will notice all the problems there.  A little misdirection. There will be a bit of resistance at 1252-55 and then 1269 and 1275. Day trading course in the S&P500 emini futures. Trade what you see, and watch out for the news.

S&P 500 day trading course