S&P 500 Day TRading Course Gap for Nov 20, Support and Resistance
Trading opened at 1101.00 today. Prices then hit an immediate high of 1101.50, then turned and began their decent. Prices moved down 15 points to a low of 1086.50 shortly after 11am market time. The afternoon consolidated in a 7 point range, then closed the day at 1093.00 down 14.5 points from yesterday’s close.
For Friday we could see prices move to test the 1083.00 area of support that we tested about a week so so ago. If we move through support we could see prices move to 1076.50 with an extreme low at 1067.50. On the upside we could test retest 1101.00, then possibly 1112.50 from there. I’m thinking that the sell off would be a little more fun!
S&P 500 Day Trading Course Gap for Nov 19, 2009 Support and Resistance
Trading opened Wednesday at 1107.00, down 1.5 points from Tuesday’s close. Trading moved up 2.5 points the first part of the morning hitting a high of 1109.50 just in time for the 10am reversal. Prices then made an 8.75 point decent between 10 and10:30 to the low of 1100.75. The day remained quite consolidated into the close, with a close of 1108.00 down only 2 ticks from previous day’s close. The range for the day came in at 8.75 points, while the gap was filled.
For Thursday we could see prices retest the 1085.50 levels, with smaller support in at 1097.00 and 1094.00. On the up side we could see prices retest the 1110.00 area, but without some commitment on the buyers side it doesn’t seem likely to break through the 1112.50 resistance. The market looks to be in the overbought condition, and has been for about a week or so. This Makes me think about watching for a possible sell off going into the weekend.
S&P 500 Day Trading Course Gap for Nov 16, 2009 Support and Resistance
Trading opened today at 1099.50, up 8.25 points through the overnight. Trading hit the low of 1098.25 within minutes of open, then turned and moved up from there. The high today was 1112.25 while trading closed the day at 1107.00. The intraday range was 14 points, while the gap at 1091.25 was left open.
For Tuesday, on the upside we are watching for prices to possibly test the 1120.00 area, while on the low side we could see price retest 1091.25, then the 1086.00 level after that.
