Money Maker Edge
Day Trading Course, S&P Rises on ADP Employment Change
The S&P 500 rose almost 10 points this morning on the pre-markets news release of ADP employment change. Numbers came in at a better than expected 157K instead of the 60K that the market had expected. Buyers quickly stepped on and took price from the 1340.00 area of resistance to trade as high as 1349.75, before retracing back down to the 1347.00 area. With this move through resistance in the 1340.00 area we now have targets set to watch the move as it could continue to push the previous swing high. 1350.00, 1356.25, 1362.25, and 1369.00 will be the next targets to watch for on the upside
Day Trading Course, Where will the S&P 500 Go?
I decided to look at the weekly today because of some interesting levels in it. Also I am doing a longer term forecast because I will be away for the next few weeks and am not sure how often I will be able to get posts up for you. This way we can anticipate this entire week or two, instead of just the next few days. Just remember the price action tells us where to look.
So where is the S&P 500 going to go?? 5 weeks of the last 6 being bearish, where do we look for the next stop in this seasonally bearish time? Reports have not been good lately, seemingly everything has taken a turn for the worse. Not that it matters to us TA guys, it is all in the charts for us, so why don’t we get to it?
Looking at the weekly chart we can see that the latest moves down have been very consistent in their parking on the long term support lines. Targets on this recent move down have all been closed in the last few week from 1304 all the way down to the 1274 targets, while touching and testing the 1262 area on Friday. Looking at the chart we can see that the next key level to watch the bears move towards is going to be the 1252-1255 area of support. Weekly support in here will come in and make this a key area for this week. If support here will hold, the S&P could see some consolidating here with a small test back up. On the weekly this would give us an inverse H&S pattern to look for the daily signal to see testing into the 1275, 1284, and 1290 area’s. However if support does not hold here in the 1352 area then price could continue to press towards the bottom of the long term Bullish channel and test into the 1240.00, 1227.50, and possibly to 1212.00 support. Key level will be the price action off of the 1252.00 – 1255.00 area. Trade what you see, I’ll see you at the starting line!Day Trading Course, S&P 500 Day Trading Price Action
Looking at the development over the last couple days. Price moved to touch the 1345 area of resistance before yesterday’s big move to the downside. Yesterday price moved to then touch on the 1315 area of support, touching to a low in the 1308 area of support today. 4hr hour chart says we could see a move start back to the upside to end the week in an area between the 1310 and 1320 area. Should the selling continue, price could move to test 1302, with 1297 and 1290 to test the bottom of the bearish channel from the last couple weeks. Once again this could take into next week to pan out, watch price and the direction to see the next move set up.
