S&P 500 Day Trading Course Gap For Nov 19, 2009 Learn How to Trade

Trading opened Wednesday at 1107.00, down 1.5 points from Tuesday's close. Trading moved up 2.5 points the first part of the morning hitting a high of 1109.50 just in time for the 10am reversal. Prices then made an 8.75 point decent between 10 and10:30 to the low of 1100.75. The day remained quite consolidated into the close, with a close of 1108.00 down only 2 ticks from previous day's close. The range for the day came in at 8.75 points, while the gap was filled.

For Thursday we could see prices retest the 1085.50 levels, with smaller support in at 1097.00 and 1094.00. On the up side we could see prices retest the 1110.00 area, but without some commitment on the buyers side it doesn't seem likely to break through the 1112.50 resistance. The market looks to be in the overbought condition, and has been for about a week or so. I am watching for a possible sell off going into the weekend.

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S&P 500 Day Trading Course Gap For Nov 16, 2009 Learn How to Trade

Trading opened today at 1099.50, up 8.25 points through the overnight. Trading hit the low of 1098.25 within minutes of open, then turned and moved up from there. The high today was 1112.25 while trading closed the day at 1107.00. The intraday range was 14 points, while the gap at 1091.25 was left open.

For Tuesday, on the upside we are watching for prices to possibly test the 1120.00 area, while on the low side we could see price retest 1091.25, then the 1086.00 level after that.

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S&P 500 Day Trading Course Gap For Nov 15, 2009 Learn How to Trade

Trading opened Friday at 1088.25, up 3.25 points from Thursday's close. Trading opened to hit the low of 1082.75 just in time for the 10am reversal today. Prices then moved their way up into the early afternoon hitting a high of 1096.00 shortly before 1pm where they once again reversed into the close. Prices closed today at 1091.25 giving us a range of 13.25 points and a close up 6.25 points from yesterday's.

Watching price tomorrow as we open the week, we could retest the 1101-1103.50 range again before deciding on direction from here. Once again prices have moved up 77.5 points on decreasing volume as the invisible hand prods prices up. With this kind of commitment, even a relatively small move on the sellers side could see prices start to move back down. Remember what takes time to build without commitment is usually undone in about half the time.

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