S&P500 day trading course High volume into the weekend doesn’t show any type of capitulation, looking at the industry vs. retail and support and resistance. We will be in Seattle for a three day course, join us.
Trading opened Friday at 1060.75, up 3 ticks form Thursday’s 1160.00 close. From open prices traded quickly to touch the high of the day at 1064.00, then turned and marched down 23.25 points through the morning and early part of the afternoon. Prices traded to a low of 1040.75, where they were met with support and forced to change direction. S&P then reversed and traded back up, all the way to the high once again forming a double top at 1064.00 just minutes before close, then ending trading for the week at 1062.25.
In the longer term, for Monday we could be looking at another touch back up to the 1071 area if price gets the commitment to move through the 1064.00 resistance. After 1071 targets to consider would be 1077.00, 1082.00 and 1092.50. If the sellers decide to take control back we could be looking at 1050.25 and 1041.75 as targets with 1020 being the extreme low. 
Prices opened at 1094.25, down 4.75 points form Tuesday’s close. Prices immediately move up from open to fill the gap and hit the intraday high of 1099.50. Prices could not move through resistance in the 1100 level yesterday so they turned and traded back down. Futures traded down to a low of 1090.50 for a low where they then consolidated into the 9 point range for the rest of the day, closing the day at 1096.50.
Today was lighter than the last couple days, but today the sellers were in the lead in the volume. Pointing towards the change required to continue this market back to the downside. An increase in volume today to the 2.5-3M contract level will be enough to put some direction back into this market which has been a little slow this week so far. Targets for the day on Thursday will be 1083.50, 1077.00, and 1069.00 our open gap from last Friday’s close. If by chance prices move to the upside targets to consider would include 1100.00, 1106.00 and 1113.25. Let’s see where we go…. See you at the starting line!
