S&P500 day trading course
Day Trading Course, S&P Tests Back Down After Touching to 1200
After trading to the 1200 area on Wednesday, the S&P500 stalled out and has begun testing back into the 117′s and 80′s. Price may take a few days and bounce around between the 1140 – 1200 levels and move into tighter ranges as we finish out the bear flag pattern we are in. The next move will
come soon enough, as news keeps coming out without improvement. As long as price continues to stay below the 1200 area I will be leaning toward another, larger move down. But for now our short term targets at 1172.00, 1166.50, 1155.00 and 1143.00 stay in tact. With upside area’s including 1179.00, 1186.50, and 1196.00. Trade what you see, I’ll see you at the starting line!
Day Trading Course – Live Position Closed, What now for the S&P500?
Our live position closed at the closing of yesterday’s trading was taken out on the 55 Point preventative stop seen on the chart below. Price came back to take it out at 1196.00 after we had tightened up stops believing that it was getting close to the end of its run. Great trade, now time to look for the next one.
The S&P is moving into tighter ranges. The top at the 1200 area of resistance held yesterday, going into open today price has traded down into the 1186-90 area. Today’s trading could see a retest of the 1200.00 area. Now with a good bit of news being released today, and with an increase in volume we could see traders push price through resistance and on to such targets as 1240.00 and even 1255.00. If the buyers don’t bring price through the 1200-1205 area of resistance, I will be looking for another run down. This will set up a H&S formation on the daily chart and with that we could see things turn and fall once again. Down side targets will include 1186.00, 1172.00 and 1160.00 and then on to 1140.00 and 1100.00.
Day Trading Course, All targets filled from previous posts, new extended targets
We have just filled all of the 4 major targets area’s I mentioned in Tuesday’s and Wednesday’s posts with just over 1 hour left to trade today. (see posts Aug 30 & 31 below) In case of a sell-off into today’s close heading into a long weekend here are my extended targets if this move continues into the close. After breaking though the 1169.25 low we have seen so far I am targeting 1167.00 and 1161.00.
It will take a good boost in seller volume to take these new low side targets, but in case of a sell-off going into the long weekend it is better to be prepared! More new posts to come! See you at the finish line!
