Price took a move to the downside during the after hours last night, trading as low as 1051.50. Watching for price to find some support in the 1049.50 area, and then the 1036.50 area. Should prices move back to the upside we could see a retesting of the 1061 area and then 1065.75 after. Depends on the volume, yesterday’s move down was on a low volume (1.6M contracts) move which is not charictaristic for down days. Guess it is time to see what they will bring. I’ll see you at the starting line!
S&P 500 Daily Trading Class - 5 Minute Chart
The bulls were in charge today as the market went up slowly but surely on pretty low volume. Higher lows and higher highs were the rule virtually all day long, as the market closed up about 17 Points for the day.
The market opened today at 1093.00 and closed at 1110.50.
The range was from a low of 1091.25, to a high of 1111.50.
The open gap from yesterday’s close at 1084.50 was not filled today, but another unfilled gap from about two weeks ago at 1102.50 was finally filled. We also still have an open and unfilled gap from last Wednesday’s close at 1056.25 to the downside.
And there are still two recent open gaps at 1156.25 and 1112.75 to the upside, as well as some old gaps to the downside from July, 2009 that were never filled, at 972.25 and 902.00.
Good luck, and always trade only what you see.
S&P500 day trading course pre market levels of support and resistance in the live day trading room for the S&P500 emini futures.
S&P500 day trading course 30 min chart pre market
We are in a short term bullish Channel with Resistance coming in around the 1095 Congestion Zone. This resistance is the bottom of the zone to 1102.25.
If we can get above this we are clear to 1140 as our next major area of resistance.
Point of control is 1087.50 for direction on Monday. S&P5oo emini is fully into the September contract as everyone rolled on Friday.
For support watch the 1080.50 area as this also was a major buy zone from 1077.50 to 1080.50. I dont think we will see a squeeze of these position until later this week.
Remember this move is on slightly higher total volume than on Thursday but not enough to show commitment to get out of this long term bear market channel.
Looking for an extreme low of 1036.75 with areas of support at 1070 and 1062.25 as we come tot
