derivatives market
Day Trading Course, Weekly Chart
After yesterday’s consolidated trading ranges and light volume, we could be ready to see some movement come back into the market. Overnight trading saw price push up to test into the 1340.00 area of resistance, forming a H&S pattern on the weekly chart. Big resistance in the 1340 area with this price pattern gives us the opportunity to look for an entry to short the S&P. Looking for a good strong signal to get in with a tight stop as price could go back to test the 1324.50, 1321.50, 1310.25 levels with an extreme low at the psychological 1300.00 barrier. If upside trading does continue this week, next upside targets will include 1345.00, 1352.50 and 1360.00. Trade what you see, I’ll see you at the starting line!
Day Trading Course, S&P 500 Daily Price Action
With price moving into some major resistance in the 1333-35 level price could continue to stall here and stay in a consolidated range if the volume on the open is light and nobody takes control of this market. If the does come in however. look for a retracement on the previous move up, the buyers ran the market up 70 points last week and a retracement could be in order. Don’t rule out a reversal at this point yet either as we have a formed H&S on the daily chart with the right shoulder coming in at…. You guessed it, 1333.00. Watch the volume for an indication of where the market may move and who is taking control. 
Day Trading Course, Daily Price Action
After filling the 1286, 1290.50, by yesterday’s close. Price continued on its way up through overnight trading, trading to touch into the 1300 level of resistance. Seems as though open will see around the 1300 area and then lets see what we get from there. Next upside targets include 1310.50, with 1321.75 and 1332.25 after that. However if the buyers step away after the last couple days of buying , we could see the price test back onto the 1294.50, 1286, or even the 1280.00 levels in order to gain some momentum to continue on this move.
