S&P 500 PreMarket Price Action
Yesterday’s trading moved sideways through the day, as well as through the overnight. Our range since Sunday got under way has been about 13 points, from the 1111 area up to the 1224 area about three times this far, making the last test there this morning at about 8:30am market time.
Today we are watching the 1124 area of resistance for a move through, or the 1118.50 area for a move down. With a move through resistance the high side could see 1131 and 1136 with an extreme high in the 1169 area sometime this week. With a move through the 1118 support price could then see 1110, 1104 and then possibly retest the 1100 area of support.
Let’s see where it takes us, See you at the starting line.
S&P 500 Daily Trading Course – NY Close
S&P 500 Daily Trading Course - 5 Minute Chart
It was a very interesting and somewhat volatile market today, as the Bulls continued their winning streak of the last few days, and finally got the market to close above the psychological 1100 mark for the first time in almost a month.
Some fairly good employment news at 8:30 AM market time started the day off with a bang as the market went up about 10 Points in only two short minutes. But the Bears definitely had their moments today as well, and the market finished only about 4 Points higher for the official trading day, although much more above yesterday’s close, due to the quick start at 8:30.
The market opened today at 1099.50 and closed at 1103.25.
The trading range for the day was from a high of 1104.50 to a low of 1093.75.
There is now a new open and unfilled gap from yesterday’s close at 1088.75. There are also two more recent unfilled gaps to the downside at 1065.00 and 1047.00. And there is still an unfilled gap to the downside from about two months ago now at 1023.00. The other open gaps are to the upside, one from almost a month ago at 1118.00, and one from almost four months ago now at 1156.25.
Good luck, have a great holiday weekend, and always trade only what you see.
S&P500 PreMarket Price Action
Looks like price could retest the 1068 level today, with 1072 and 1077.50 as target if the buyers stay committed. To the low side price could see a test back to 1060 and then 1054 support, with 1043.50 as an extreme low. This is where we will be looking for decision on the direction for the next move. Let’s see who takes it.
