S&P500 PreMarket Price Action
Trading stayed consolidated yesterday finding support in the 1131 area and returning into the 1144 area to retest at the top as well. Volume was up yesterday at 2.3M contracts, but still wasn’t enough to take price to new short term highs.
A lack of volume today, could bring more consolidation through the day. If volume comes to us a few upside targets would include 1144, 1149.75, and 1156.25. On the low side price could see a retest of the 1134, 1130 and 1125 area’s. Let’s see where it goes. See you at the starting line!
S&P500 PreMarket Price Action
Overnight trading saw a low of 1131.50, and has begun a climb back into the 1140 range again. Yesterday’s trading saw saw small moves and only a 8.5 point range. Today we are watching price for a possible return to the last high of 1149.75, volume will be key today as yesterday was very low at only about 1.35M contracts. If volume doesn’t increase today we could be spending another day stuck in a tight range with little action. Consumer confidence at 10am today, maybe that will put a move into the day.
S&P 500 Daily Trading Course – NY Close
S&P 500 Daily Trading Course - 5 Minute Chart
After a pretty good run up last Friday, the Bears took back a little control today, and the market was down about 7 Points for the day. But overall, the Bulls have been mostly in charge for the last month or so, since the most recent low of 1037.00 on August 25th.
The market opened today at 1144.00 and closed at 1137.25.
The trading range for the day was from a high of 1145.25 to a low of 1137.00.
There are several open and unfilled gaps to the downside that have been created in the last month or so at 1119.50, 1103.50, 1097.75, 1091.00, 1088.75, 1065.00, and 1047.00. And there is still an unfilled gap to the downside from almost three months ago now at 1023.00. The only open gap to the upside, which we are getting very close to, is from over four months ago at 1156.25.
Good luck, and always trade only what you see.
