Day Trading Course, S&P 500 Reversal?
S&P traded as high as 1229.75 this morning, closing our 1224.50 target and pushed quite close to the 1234 area. Price found strong resistance at the 50 moving average this morning, and has since reversed direction. Looking into the longer term charts such as the daily, this area looks like it could provide enough resistance to change the direction for the next test down. Looking at the shorter term I am watching for a push down into the 1216-1218 area, with a test up following that. S&P has traded almost straight up for 2 weeks now, a retracement will be in order soon to allow the buyers a rest. Watch volume as price moves back up, if we get decreasing volume on the move with a lower top it could be worth shorting with a tight stop. If a move down comes in and price breaks through the 1216.00 area of support my targets for the test down include 1204.00, 1193.50, 1186.00 and an extreme low of 1172.00 on the move.
If price moves up with increasing volume and breaks through the 1230 area I will be watching for a continuation of the current move up to touch our 1235.00 and possibly even 1252.00 targets. The key as always will be the low risk entry with large profit potential. Be consistent and allow the trade to come, the market will decide for us, we just go with it!
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