S&P 500 Day Trading Course Gap for Feb 16, 2010 Support and Resistance
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.
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