S&P 500 Day Trading Course Gap for Feb 10, 2010 Support and Resistance
S&P traded a 19 point range on Tuesday, keeping with the average daily range of the last two weeks or so wihich is around the 15-18 point range. Traders took prices to a low of 1058.00 and a high of 1077.00, touching the 1077 retracement area on the longer term charts and closed the day at 1067.25 up 13.25 points from Monday’s close. Prices left the 1054.00 gap from Monday open as we move into midweek.
For Wednesday watch price as traders decide on the direction for the rest of the week. If price breaks below 1057.25 we could be looking at a continuation down with targets at 1051, 1041.75 and 1020.00. If traders take prices to the upside we could be looking at a target of 1077, 1083.75 and 1091.50. Watch the volume for commitment as we move into the mid week, if volume is light we could stay trapped in the 1057-1077 area for another day or two.
Keep your head up and your finger trigger ready, I’ll see you at the starting line!
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