With Volume still under average, we have been watching prices move slowly and through tight ranges for about a month now.  Prices have moved their way back to the highs we visited back in Jan in the mid  1140’s.  Prices seem to be into the overbought area as we are approaching this, with prices climbing back 100 points from our Feb 5 low of 1040.75.  A sell of in the near future isn’t out of the question, but watch for it as prices could keep floating through without an increase in the volume to support a move either way. 

Wednesday’s trading could see prices revisit the previous days high of 1144, then 1148 as the high from Jan.  Should prices decide to test back down we would be looking at 1136.75 and then 1134.00, with 1126 as an extreme low.

After another day in the consolidated books, trading moved a slightly higher 9.5 points through Wednesday’s trading.  Prices did hit resistance in the 1125 area, where price tested and failed moving back into the sideway channel we have been stuck in for the last 3 days.  Volume was low again with only about 1.56M through the day.

Thursday I am watching for signs of a continuation back down, or another move up.  This sideways trading is a market in decision so be ready when the decision comes.  If we decide on changing direction I am watching for a move back to 1106, then 1100, and 1093.  Should market makers move prices through the 1125 resistance, I will be looking for 1127.25 and 1138.75 as the next targets.  Remember to get good confirmation, we are not necessarily out of the consolidation yet.   A lack of Volume may keep this market right where it is for another day or two.  Only one way to know.

See you at the starting line!

S&P500 day trading course levels of support and resistance. Looking for support at 1102.75 and extreme high of 1125.

This could be the Lower high on the long term bullish trend. If the S&P500 emini breaks above the 1127 on an hourly chart we could retest previous swing high.

With yet another weak volume move up prices moved through the previous resistance high of 1112 and into the 1115 area.  Prices closed trading for the day at 1114.00 after trading a consolidated 8.75 point range though the day.  The lack of commitment on these moves up through resistance make it probable that they will retrace back down for another test on support.    Where that will be depends on how high these prices float before market makers decide to sell off.  Be careful, there is still more tight ranges and slow moves to come. 

Friday’s trading kept things in the consolidated range once again.   Opening at 1102.75 and closing the day at the exact same price.  Prices traded a range of 10.25 points through the day, but went nowhere over all. 

Monday’s Trading could see prices retest the 1096 support, with 1092.75 and 1083.50 the next targets.  If price does move through the resistance at 1112.00 we will be watching for a touch to 1119, with 1127 and 1132 the next area’s to watch for from there. 

With volume down even further Wednesday prices traded a very consolidated day.  Prices opened at 1098.00 after a move up in the after hours trading, then traded a 6.75 point range for the day closing at 1097.75.  This decreasing volume could give us the indication that price may be getting ready to turn back to the down side in the near future, as low volume moves up tend to set us up for high volume moves down as the lack of commitment cannot keep prices moving.  With continued low volume we could see prices consolidate further,  with no aggressive buyers or sellers there won’t be much action.  However there are some news item up this week that may help to give this market some direction.  Take note that we do have 3 open gaps to the downside to fill. I hope sooner than later. 

Be ready to run.  See you at the starting line!

Tuesday’s trading opened at 1083.50, gaping up 8 points through the long weekend.  Prices moved down from open, trading to a low of 1079.50 where they could not move through the support and turned back to the upside.  Futures then traded up for the rest of the day to hit a high of 1094.00 shortly before close and then relax slightly to close the day at 1092.50.  Tuesday traded a 14.5 point range, on lighter than average volume.  Futures traded about 1.6 million contracts through the day and price has now moved through our resistive trend line on the channel from Jan 14. 

Watching for the move to 1100.00, if we move through the 1100 area we may see 1106 and 1112.50 as targets.  On the lower side we could see a touch back to the 1083.50 level as well as to the two open gaps side by side at 1075.50 and 1076.50 from Feb 12 and 16th.  Keep you eye on the ball.  I’ll see you at the starting line!

Friday’s trading gaped down to open at 1064.75.  Trading hit a low of 1060.00 early in the day and turned to head back towards the 1076.50 gap from Thursday’s close.  Prices moved to a high of 1076.00 missing the gap by 2 ticks, then closed trading at 1075.50 after trading a 16 point range through the day. 

Going into Tuesday we are watching 2 key price area’s for an indication to direction.  Friday’s trading left us with a large hammer and with that we are watching the 1070 level.  Prices have traded an up channel through the last week so a break through support would be a god indicator of a change back to the down side.  On the high side we have seen price fighting with the 1079 level, looking to move but not finding the commitment to get through the resistance barrier there to break to the up side.  Should we move through the 1079 level we could be looking to touch the 1093 area of resistance in the next couple days to see if there is the momentum required to move through and continue on.

Futures opened at 1064.00, traded to a low of 1057.25 where they hit support, turned and began a 20.75 point ascent up.  Prices traded to a high of 1078.00 shortly before close when they relaxed a small amount to close the day at 1076.50.

Friday I will be watching for a move through 1066 support and then 1057 area before calling a continueation down.  If the volume comes and the sellers sell, we will be looking to a run down.  Targets from there include 1051, 1041.50, 1034.50 and 1020.00.   However without the sell volume required we may see prices move back to the higher side.  1077  is the current level of resistance, if prices moves through the 1077-78 level our targets would include 1083.50, 1092, and 1100.00.  

Keep yours eyes open, I see you at the starting line!

Trading opened at 1065.50 today, down 1.75 points from Tuesday’s 1067.25 close.   Prices filled the gap within minutes and then after a relatively slow start made a large move to the down side.  Prices moved sown to 1056.25 where they met support and  after testing with a double bottom turned and began a 15.25 point move back to the upside.  Prices traded to a high of 1071.50 in early afternoon, then retraced back down to close the trading day at 1065.50.  Open and close were exactly the same price today as they managed to test in either direction leaving us with a doji for today’s trading. 

This doji could be a sign of a coming move to the down side for Thursday and Friday’s trading sessions.  We still must watch the volume and price for direction as we know anything is possible in a world without rules.  Volume was lighter today than yesterday, an indication of a continuation in the making, also if the sellers do step in this will be the 4th consecutive week with end of the week sell offs.  We will be looking to break the 3Million contract mark for volume to continue our move down as all three of our last large moves down have seen the 3M plus numbers in volume.  However if volume weakens we could be looking at consolidated ranges between 1060 and 1072 for another day or so.  For a list of targets on both sides of price check out the last couple posts.