S&P 500 Day Trading Course Gap for Feb 18, 2010 Support and Resistance
With volume down even further Wednesday prices traded a very consolidated day. Prices opened at 1098.00 after a move up in the after hours trading, then traded a 6.75 point range for the day closing at 1097.75. This decreasing volume could give us the indication that price may be getting ready to turn back to the down side in the near future, as low volume moves up tend to set us up for high volume moves down as the lack of commitment cannot keep prices moving. With continued low volume we could see prices consolidate further, with no aggressive buyers or sellers there won’t be much action. However there are some news item up this week that may help to give this market some direction. Take note that we do have 3 open gaps to the downside to fill. I hope sooner than later.
Be ready to run. See you at the starting line!
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Right on call with the relationship between small range and volume. Looking for 1113 as a high and 1092 as a low today. Don’t think we will get that much upside to the S&P. 1083 will be the area to watch for the next leg down.