Day Trading Course, Where will the S&P 500 Go?

Posted by Edge on June 12, 2011 in Day trading course,S&P500 day trading course with 2 Comments

I decided to look at the weekly today because of some interesting levels in it. Also I am doing a longer term forecast because I will be away for the next few weeks and am not sure how often I will be able to get posts up for you. This way we can anticipate this entire week or two, instead of just the next few days. Just remember the price action tells us where to look.

So where is the S&P 500 going to go?? 5 weeks of the last 6 being bearish, where do we look for the next stop in this seasonally bearish time? Reports have not been good lately, seemingly everything has taken a turn for the worse. Not that it matters to us TA guys, it is all in the charts for us, so why don’t we get to it?

Looking at the weekly chart we can see that the latest moves down have been very consistent in their parking on the long term support lines. Targets on this recent move down have all been closed in the last few week from 1304 all the way down to the 1274 targets, while touching and testing the 1262 area on Friday. Looking at the chart we can see that the next key level to watch the bears move towards is going to be the 1252-1255 area of support. Weekly support in here will come in and make this a key area for this week. If support here will hold, the S&P could see some consolidating here with a small test back up. On the weekly this would give us an inverse H&S pattern to look for the daily signal to see testing into the 1275, 1284, and 1290 area’s. However if support does not hold here in the 1352 area then price could continue to press towards the bottom of the long term Bullish channel and test into the 1240.00, 1227.50, and possibly to 1212.00 support. Key level will be the price action off of the 1252.00 – 1255.00 area. Trade what you see, I’ll see you at the starting line!

1907

Thanks!

An error occurred!

Share/Save

S&P500 day trading making the choice.

S&P500 day trading What if......

What if.... you you knew that making one decision today would change your life forever?
What if.... making that choice would make your hopes and dreams come true, your desires and wishes. What if.... in that instant, you would be changed forever. Become the person you wanted to be, the person you know you are inside.
Would you make that choice today? Or would it pass you by?
What if.... you knew that making that decision for two days would change your life forever?
What if.... making that choice would make your hopes and dreams come true, your desires and wishes. What if.... in that instant, you would be changed forever. Become the person you wanted to be, the person you know you are inside.
What about one week? Or two?
What about one year?
Would you keep showing up no matter what?
Beaten and broken, bruised and battered.
Happy in knowing that you are choosing out of power and freedom to maintain your course.
Your vision held clear, Being consistent in your decision?
You get my point?
Everyday we make choices, or don't make them.
We choose to change or stay the same.
We choose to be the person we dream about being, or the person we have become.
We make new choices and experience new life! Or keep playing our same game, staying right where our precious game has got us.
I choose the first..... I choose my to make my hopes and dreams my reality.
I choose to do it different today because tomorrow never comes.
I choose power, freedom and choice as my direction.
What do you choose???

Drayton C. MoneyMakerEdge trader.

Day Trading Course, Where will the S&P 500 Go?

Live Day Trading Course

S&P500 day trading making the choice.

Day Trading Course Tweets

Day Trading Glossary