day trading course
Germany and France pledge to save Euro
Euro gains following a pledge by Germany and France to do what is necessary to shore up banks, settle the Greek crisis and help growth in Europe. Euro touched a session high of $1.3580.
Two euro zone banks obtain support. Dexia’s board earlier today accepted a rescue plan drawn up by the governments of France, Belgium, and Luxembourg, and approved participation in funding guarantee mechanism for maximum euro 90 billion. Belgian government will buy the Belgian banking business of Dexia for euro 4 billion. In Greece, the pre-agreed rescue fund was used to rescue Proton Bank, sending bank Greek bank stocks down by 12 pct.
EURCHF rises on positive euro sentiment and rumors that the Swiss National Bank may lift the target rate for the EURCHF to 1.25.
Day Trading Course, S&P 500 Daily Price Action
With a mild move down last night the S&P is looking to open today around the 1140.00 area of support. The S&P has reached this area 3 times in the last week, stopping each time on support and turning for a move back up. Continued in this pattern we could look for the move up to touch the 1143.50, 1151.50, 1158.25 and 1161.00 targets. While a move on continued downward pressure could see trading move to 1139.25, 1133.50, 1128.00 and 1120.00 targets. Trade what you see, have a great weekend!
Day Trading Course, S&P 500 Sees 40 Point Sell Off
Day Trading Course, Sell off to new lows? Check out the chart below.
Today’s trading broke sideways channel support this afternoon as traders took and sold positions after this afternoon’s FOMC rate announcements. Price moved from an afternoon high of 1196.25 to a low of 1155.00 before closing trading at 1156.00. With this 40 point move to the downside this afternoon, we can expect to see price move to touch on the
1153.00 area of support.
With a move through the 1153.00 support, next low side targets will include 1145.00, 1137.75, and 1130.00, with 1109.75 as an extreme low.
Should a retracement step in before a move down continues, price levels to watch for on the retrace will include 1158.75, 1170.00, and 1179.75.
