day trading
Day Trading Course – Indecision as Pennant tip forms
Day Trading Course, S&P 500 Going into consolidation and forming a pennant.
Day trading course focusing on the S&P500 emini futures support and resistance.
Two days into
trading this week and the market makers seem to be biding their time. After the
retail Black Friday low of 1146, price moved steadily up as buyers took control,
always testing higher, although not always closing higher. That is, until
today, when the market closed at 1254.75, slightly lower than yesterday’s close
of 1255.25.
Looking at a 1440 min. chart, there is a pennant build-up and the bulls and bears are near a decision point, hopefully. Buyers are not showing much commitment. The market
is also trading around the 200 SMA, yet again, which can have a lot of “pull.”
Look for more possible resistance in a 10-point range where price currently is. If the buyers take more control, look for further resistance around 1266.50, 1275, and 1291.
Beyond that, there is the psychological resistance and predictions of 1300, and
the July 7 & 8, 2011 highs around 1345!
If sellers get momentum and power, look for resistance after 1248 at or around 1234, 1224, and 1213. Beyond that? Remember the low of 1146 just this Thanksgiving Black
Friday. And further back, in early August of this year, and again at the beginning of October, price fell to around 1067! What would it take to go there again? Read the
blog entry of Joel Wissing on December 4, 2011 at moneymakeredge.com for
insights into the world scene and how it is affecting the market.
And always, always, trade what you see! Marie May
Day trading course will be in your area soon, join us for Day trading education.
The S&P500 emini futures is one of the largest professionally day traded markets in the world. Our Day trading course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a profit out of the market.
Disclaimer: day trading is high risk, do your own work : The efficacy of both technical analysis and fundamental analysis is disputed by efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a Day trading course, be sure you understand the risks involved in trading.
Day Trading Course, S&P moves back to open at resistance
S&P 500 trades back to test 1225.00 and is opening at resistace
It looks like the S&P 500 will be opening back up at resistance this am. Overnight traded back to the 1230.00 area and is now testing in the 1222.00 area going into the open. Today trading could see movement testing back to the low side with 1222.00, 1215.00, and 1208.00 the area’s to watch for. A higher low on a 1 – 4hr chart could help give us confirmation on a bottom here (For now). Should the previous lows from yesterday be broken I would watch things move into the 1100′s, and most likely test to the 1180′s.
The S&P500 emini futures is one of the largest professionally day traded markets in the world. Our Day trading course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a profit out of the market.
Should the retracement continue on this last couple days move down, we will be watching the 1230.00, 1236.50, and 1240.00 area’s of resistance.
Disclaimer: day trading is high risk, do your own work : The efficacy of both technical analysis and fundamental analysis is disputed by efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a day trading course, be sure you understand the risks involved in trading.
Day Trading Course, Markets see HUGE rally into close
The S&P along with most other markets saw a HUGE rally into the close yesterday, climbing up almost 40 points in the closing hour of trading after testing to the 1170 area of support. This amazing reversal was something to look at, so I decided to do a little research on the matter.
It seems that since 1985 yesterday was only the 10th time that the S&P 500 was down 1% or more at 3 O’clock and then went to close the day in positive territory. Of those 10, 8 have been since 2008. Another thing to note is that on 8 of the last 9, the market failed to continue the move into the next day.
So what does this mean for the long term? Not much really, it is doing exactly as we expected. My previous post outlined the testing to the 1170 area of support with a rally likely after doing so. How long this move back up will last is another question. There are still those who feel that we could start to see the seasonal rally, I’m not that optimistic yet. I myself will wait for a move above the 1230 level before I start to consider the going long for the long term. I think it is more likely with all that is going on these days to see the markets slip into a bearish trend possibly into next year. As mentioned in my post yesterday, we could see this move to test the triple digits.
Only time will tell, and the market will do what the market will do. So as I have said before, “I just like to be prepared on either side, and let it pay me whichever way it chooses to go”
