S&P 500 Day Trading Course Gap for Feb 12, 2010 Support and Resistance
Futures opened at 1064.00, traded to a low of 1057.25 where they hit support, turned and began a 20.75 point ascent up. Prices traded to a high of 1078.00 shortly before close when they relaxed a small amount to close the day at 1076.50.
Friday I will be watching for a move through 1066 support and then 1057 area before calling a continueation down. If the volume comes and the sellers sell, we will be looking to a run down. Targets from there include 1051, 1041.50, 1034.50 and 1020.00. However without the sell volume required we may see prices move back to the higher side. 1077 is the current level of resistance, if prices moves through the 1077-78 level our targets would include 1083.50, 1092, and 1100.00.
Keep yours eyes open, I see you at the starting line!
S&P 500 Day Trading Course Gap for Feb 11, 2010 Suport and Resistance
Trading opened at 1065.50 today, down 1.75 points from Tuesday’s 1067.25 close. Prices filled the gap within minutes and then after a relatively slow start made a large move to the down side. Prices moved sown to 1056.25 where they met support and after testing with a double bottom turned and began a 15.25 point move back to the upside. Prices traded to a high of 1071.50 in early afternoon, then retraced back down to close the trading day at 1065.50. Open and close were exactly the same price today as they managed to test in either direction leaving us with a doji for today’s trading.
This doji could be a sign of a coming move to the down side for Thursday and Friday’s trading sessions. We still must watch the volume and price for direction as we know anything is possible in a world without rules. Volume was lighter today than yesterday, an indication of a continuation in the making, also if the sellers do step in this will be the 4th consecutive week with end of the week sell offs. We will be looking to break the 3Million contract mark for volume to continue our move down as all three of our last large moves down have seen the 3M plus numbers in volume. However if volume weakens we could be looking at consolidated ranges between 1060 and 1072 for another day or so. For a list of targets on both sides of price check out the last couple posts.
S&P 500 Day Trading Course Gap for Feb 10, 2010 Support and Resistance
S&P traded a 19 point range on Tuesday, keeping with the average daily range of the last two weeks or so wihich is around the 15-18 point range. Traders took prices to a low of 1058.00 and a high of 1077.00, touching the 1077 retracement area on the longer term charts and closed the day at 1067.25 up 13.25 points from Monday’s close. Prices left the 1054.00 gap from Monday open as we move into midweek.
For Wednesday watch price as traders decide on the direction for the rest of the week. If price breaks below 1057.25 we could be looking at a continuation down with targets at 1051, 1041.75 and 1020.00. If traders take prices to the upside we could be looking at a target of 1077, 1083.75 and 1091.50. Watch the volume for commitment as we move into the mid week, if volume is light we could stay trapped in the 1057-1077 area for another day or two.
Keep your head up and your finger trigger ready, I’ll see you at the starting line!
