S&P 500 Day Trading Course Gap For Jan 27, 2010 Support and Resistance
Price opened the day at 1089.75, down 3.25 points from Monday’s 1093.00 close. Prices traded up through the morning and early part of the afternoon to a high of 1100.00 where they tested resistance and consolidated for a little over an hour. With one more test on the 1100.oo area prices failed and tumbled down from there. Prices traded down to a low of 185.50 just before close, then closed trading at 1087.00. This 15.5 point trading range for the day managed to close both gaps from Friday’s 1088.00 and Monday’s 1093.00 closes.
For Wednesday trading prices could touch back up to the 1095 area before deciding on the direction. 1100 and 1108 will be the next levels of resistance after that. To the lowside we are still watching for the break below 1080. Support is still holding there as we have not moved to it with commitment yet. Volume has fallen back to average levels and without some extra push might not be enough to get through support, in which case we may spend a couple days stuck in this range between 1100 and 1080. 
S&P 500 Day Trading Course Gap for Jan 26, 2010
Prices consolidated today, after an open of 1097.50 and a close of 1093.00. After a three day push down the market went into indecision for the day, waiting perhaps to see who would make the first move after last weeks 60 point run down. The days high was 1099.50 and low of 1089.75 left the gap from Friday’s 1088.00 close open.
Watching price and volume in this area, volume was down yesterday as was out range. With some seller volume we could see prices move to the downside Tuesday testing support at 1080.00 and with some commitment continue to 1070 and 1062.50. With no commitment and low volume, prices will stay consolidated in the current range between 1080.00 and 1112.50. With slow moves and choppy trading. 
S&P500 day trading Support and resistance daily chart Jan 26
S&P500 daily chart with the break of the top and the first part of a 50% retracement from the previous swing low.
S&P500 day trading course Jan 26 daily Chart
1084 is the first area of support on the basic fib re tracement. Most of the market is watching this level for a further move down in the AH and for a commitment on direction from the next area of consolidation.
Obama’s Middle class speech on his performance shall be amusing.
Will it effect the markets?
Will it be realistic to the 18% + unemployment in California?
We shall see.
Nextarea of support after 1070 is 1051-3 area, looking for a test in to this for direction, if it is committed then looking for 1021, then 1008.
We shall see.
