S&P 500 Day Trading Course Gap for Feb 11, 2010 Suport and Resistance
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.
Leave a Reply
You must be logged in to post a comment.
