Learn how to day trade S&P 500 emini futures day trading education coach showing, live day trading room, Forex, Gold, Oil Market as we see it. Trends, Money makers and market makers. See at as traders that make money. ES and the Eminis. Intraday Charts and Articles by emini futures day trading coach Joel Wissing.
[/caption] Support is 1318 then 1312. As mentioned if we get below here then we are going to test towards the previous swing low. Expecting a push down to the supporting trend line. We have been in a bearish channel for two weeks since the top was reached on Bin laden's fatality. Going to watch this consolidate in this area to 1300 long term. We have resistance at 1324, 1327 1332 and 1336 as we approach the top side of the bullish channel. 
[/caption] The point of control on the weekly chart is 1312. Buyers are still in control, but this week could see a test of those levels. See comments on chart. The sell shadow on the weekly with a small retrace and loss of buyer control normally would project price to move to the 1312 area. First real test is at 1322. If we can keep the close above there and test down in After hours there will be a chance. Closing under here could be a problem for the bulls. Long term support and keeping is un this bullish channel comes in around 1240. If this acts as support we can keep this bullish channel in tact. Watch out for low volume days. Remember to always trade with a stop, as trading the S&P500 emini futures contract is high risk. 
[/caption] Point of control on the S&P500 emini futures contract is 1333. In the am Day traders were in control as they hit first resistance levels at 1340. Retesting support at the 50MA and looking for buyers to step back in. Another low volume Monday. It has been a while since we have had a rally out of this consolidated range. Support at 1327 and extreme low on this bear channel in the short term of 1325.50. Resistance is coming in at the 200 ma around previously mentioned 1340 and 1344. If we can get buyer commitment above these levels we could break the bearish trendline resistance and move to 1352 then 1358. Looking for a mid term change in direction with price above 1361.25 
Posts
