Day Trading Course, S&P 500 Moves in on 1400 level of resistance
With the last couple of months playing out the roller-coaster effect in the market place, investors are now wondering when this precarious summer show will lead into some sort of direction? Well my friends, I do not know. However, this market is giving a few hints that maybe it may be time to at lease move through the 1388 area of resistance and test another 1 or 2 previous highs. With price moving through 1390, we can see a clear path now to the 1400 level. This is a major physiological barrier for traders as moving to the other side of 1400 is exactly what most investors will want to see since this springs move down below and into this tight bullish channel.
After this 1400 level is broken, price can then freely move to touch the 1413-15 area as it did so in spring. Don’t be surprised if the market needs a small break on the way there, as well as if anything comes out of Europe that troubles things then stock prices could see a hit. However, looking at the technical right now….. I am looking forward to the fall trading as it looks to me like we are setting up for some fantastic trading! As for the rest of this month, most professional traders take the month of August off. Lighter volume and holidaying make it more difficult in the markets. There is no harm in holding off until the fall season is upon us, I myself am only holding a few small positions and even writing this from our cottage where my wife and I have been for the last 3 weeks and will be for at least another 3 or 4. So relax take some time off if you can, and look forward to the good trading yet to come.