learn how to trade futures
Day Trading Course, S&P 500 Daily Price Action
Yesterday’s trading tested into the 1328 area of resistance before turning and moving back down into the close. Overnight trading saw price test as low as 1302.00 before turning to move into the present price in the 1315 area. Higher lows, with lower highs is showing us a bull flag or pennant formation showing tightening trading ranges, but also giving us reason to look for the next breakout to get direction in this market.
Upside targets include 1319.25, 1323.00, 1328.50 and 1336.25. While downside targets include 1310.00, 1306.25, 1302.00, and 1295.25. Wat5ch the trend lines for head fakes, the last few days have had some volatile moves mixed in with no overall direction. Don’t get caught in a head fake with a big stop! Get in before the volatility and let it move through your targets. Courses coming this fall in Calgary, Edmonton and Montreal, sign up today! See you at the starting line!
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. 
