Bulls Breathing – Sellers move in on low volume
Day Trading – Bulls taking a breather on S&P500 emini futures.
S&P500 emini futues opened yesterday at 1408.00, with a quick up then a 3 point down tick out of the starting gate and ranged lower to hit a low of 1404.25 then trended higher for the rest of the day to a high of 1414.25 then trended down with some nice end of day orders volume at 4:00 pm to 4:02 pm to close at 1412.50.
Day Trading and the overnight price action
Overnight trading so far has reached a high of 1418.00 but is currently trending back down to currently finding some support 1406.75 to 1407.25. Should this support level fail look for more support at 11398. Resistance currently stands at 1411.00 to 1412.75 with further resistance at 1415.00 to 1416.75.
I’m looking for a the market to trend lower for the rest of the week before heading back up to test new highs in the next couple of weeks. Happy trading.
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