Day Trading Course, S&P finds steam and moves on toward 1200… Again
All US stock Futures rose yesterday on signs that policymakers are stepping up thier efforts to stabilize the eurozone. S&P, Dow Jones, and Nasdaq all traded up a few points closing up around the 1% gain area. Today`s price action show major resistance in the 1197.00 – 1200.00 area on the upside, while premarket news releases has price testing down to the 1183.00 area at the moment. More news is scheduled later this morning, this could provide a push through resistance if things come out right. If not we could be looking at remaining in the 4 week channel we have been trading. Should a break to the upside occur we will be looking for 1192.00, 1198.500, 1209.50, and 1223.75. If price remains in the channel then previous low side targets will be used at 1179.75, 1175.25, 1165.50, and 1160.00. Trade what you see, I`ll see you at the starting line!
