Learn how to day trade S&P500 Oct 15
S&P 500 day trading course levels on daily and weekly chart.
Trading opened today at 1082.25, up 13.5 points from yesterday’s 1069.75 close. We traded down the early part of the day to our low of 1077.75 by about 10:30am market time, then started with higher lows for the rest of the day. The high came in at 1089.75 around 3:30 then relaxed a little to close trading at 1088.75, up 20 points from yesterday’s close. Day time trading gave us a range today of 12 points while the gap at 1069.75 was left open for today.
S&P 500 day trading course, Sept 3 learn how to day trade
S&P 500 day trading course, levels of support and resistance. Live trading room with Joel Wissing.
Extreme high 1027.75
Extreme low of 973.75
Point of control 994
We slowed down to a crawl today with a very tight and range bound trading day. Volume dropped off to 1.9 million today after yesterdays 3 million plus. Hopefully the market will face the piper on some of the valuations in equities and get this cleaned out in the third quarter. September is known as the worst performing month on the indexes and it has basically started off with the kind of direction to propel the markets lower. Lots of support here, but for how long?
Join us in Montreal for a live training on October 3-5 with 1 day of live trading and 13 weeks of the live trading room.
Day Trading Course, Better US Data Along With Bond Auctions Boost Investor Confidence
Riskier assets continued to grind higher
during a week in which US earnings and economic data, along with solid European
auctions created a calm market environment. The US earnings season for
stocks recently began and of the 10 percent of companies that have reported,
more than 70% have exceeded expectations. Implied volatility also declined,
pushing the VIX volatility index below support.
The euro has improved over the past week as bond auction results have
been better than expected and economic data and news developments have been
subdued. However, despite the recent short-covering rally seen over
the past few weeks, the political uncertainty and periphery debt risk should
eventually weigh on the currency. Next week, Portugal, Greece, Spain, Italy,
Germany and France will test the debt markets. While the ECB’s LTRO operations
have helped in part to stabilize funding market stress and immediate market
pressures, helping to mitigate sovereign risks, the recent string of EU auctions
are just the beginning of the funding season. Indeed, the real test for markets
will come in later in the first quarter with Italy and Spain’s bond redemptions
totaling nearly 70 billion Euros.
Next week, the highlight of the US calendar is likely to be the FOMC
meeting on 1/25/2012. The first meeting of 2012 will bring a shuffling
of the voting rights among the FOMC district president. This week’s FOMC meeting
is likely to bring forward a new communication strategy by the Federal Reserve.
In particular, policy makers are likely to make public member’s projections of
the appropriate policy rate in the years ahead to increase the Fed’s
transparency.
In the US, the economic highlight was the better than expected
jobless claims report. Initial jobless claims fell by 50,000 to
352,000 in the week ended Jan. 14, according to the Labor Department. The
decline was the largest in a single week since Sept. 24, 2005. Jobless claims
have now returned to levels seen before the US financial crisis. Economists had
forecast claims would fall by 19,000 to 380,000.
Initial jobless claims fell by 50,000 to 352,000 in the week ended
Jan. 14, according to the Labor Department. The decline was the largest
in a single week since Sept. 24, 2005. Jobless claims have now returned to
levels seen before the US financial crisis. Economists had forecast claims
would fall by 19,000 to 380,000.
Euro
short squeezes up
Technically, the Euro was able to rebound off of the recent lows near 1.26
and create a short squeeze up to 1.29. Last week commitment of traders report,
showed a record short position in Euro futures which is bound to cause
additional short covering. A break above horizontal trend line resistance near
1.3070 will likely lead to a quick test of the 1.32 range.
S&P likely to test 1325
The S&P 500 broke above resistance
levels near 1306, and is likely to continue to grind higher to test the 1325
resistance point. Momentum indicators such as the MACD are pointing to higher
levels as the index moved above 1, for the first time in 6 months.
Additionally, the cross of the 50-day moving average of the 200-day moving
average should add upside momentum.
