S&P 500 Day Trading Course Gap for Nov 24, 2009 Support and Resistance
Trading opened today at 1102.75, up 12.5 points from Friday’s close. Prices moved to the upside this morning trading to a high of 1111.50 by about 10am market time, from there prices turned and moved back down 10.25 points to a low of 1101.25 shortly before close. Prices then relaxed slightly to close the day at 1104.25, up 1.5 points from open and 14 points up from Friday’s 1090.25 gap.
Looking for a confirmation in direction over the next day or two. Market makers will have to decide on where to take the market from this point. On the daily we are looking at a decision between a head and shoulders formation and a continuation to the upside. Prices once again tested the 1112 area today and failed, leaving us watching for a sign of direction yet one more day. Prices could consolidate here with continued tight ranges for a day or two more before a decision is reached. Keep your eyes open, it’s all in the charts.
See you at the starting line!
S&P500 day trading Video
S&P 500 Day Trading Course Gap for Nov 23, 2009 Support and Resistance
Trading opened on Friday at 1087.50, down 5.5 points through the overnight. Prices moved to hit the high of 1092.75 for the first time just before 10 am market time, when prices reversed for the rest of the morning’s trading. Prices hit their 1085.25 low at about 11:30 am market time, where they tested support and failed move through. Trading closed at 1090.25, trading a very consolidated 7.5 point range and leaving the gap open at 1093.00.
For Monday we are watching to see if price will break the resistance at 1106.00. If it moves up through there we could see retests of the 1112.50 levels of resistance. On the low side, if prices fail at 1106.00 and begin to move back down we will see price move to retest the 1094.25 area then the 1086.00 levels of support.
S&P 500 Day TRading Course Gap for Nov 20, Support and Resistance
Trading opened at 1101.00 today. Prices then hit an immediate high of 1101.50, then turned and began their decent. Prices moved down 15 points to a low of 1086.50 shortly after 11am market time. The afternoon consolidated in a 7 point range, then closed the day at 1093.00 down 14.5 points from yesterday’s close.
For Friday we could see prices move to test the 1083.00 area of support that we tested about a week so so ago. If we move through support we could see prices move to 1076.50 with an extreme low at 1067.50. On the upside we could test retest 1101.00, then possibly 1112.50 from there. I’m thinking that the sell off would be a little more fun!
