S&P 500 Day Trading Gap for April 29, 2010 Support and Resistance
Looks like we have completed the first move for the retrace back to 1195 area resistance with Wednesday’s trading closing at 1195.25. Thursday we are looking for a signal in choice of direction. The last few moves down have had 100+% retracements, so don’t be too disappointed if the continuation down doesn’t come. If the continuation does show up we will be looking at a retest of 1179 area, then 1171.00 as next level of support. Just be prepared to trade what you see.
I’ll see you at the starting line!
S&P 500 Day Trading Course Gap for April 28, 2010 Support and Resistance
Prices opened at 1201.75, chopped their way up to 1208.25 and then it happened…. just after 11am market time, the sellers took control! They took the bull by the horns and threw it aside, for the next 11/2 or so it was all bears. One small retrace and then all bears again. Prices moved down 30.75 points as 3.64M contracts were traded yesterday to a low of 1177.50 before letting off to a close the day at 1179.75.
Wednesday we could see a retracement of the previous move to about 1195.50 before the decision to continue up or down will have to be made, the norm from the last bunch of moves down is a complete retracement with a new high, or should the bears remain in control we could see prices continue to the 1171 level and even the 1161.50 area from here. Only one way to know….
I’ll see you at the starting line!
