S&P500 Day trading course looks at direction on the S&P500 emini futures.
The emini future has had quite a volatile week. We have been in a fairly defined consolidation zone on the after hours daily chart. Price moved above the Point of control for today at 1159.75 after a test to 1132.75 . The sellers were not committed enough to break the support at 1105. This move to 1132.75 is showing that the buyers are looking to test the resistance at 1180 then 1192.75. If the buyers can get through this area today there is a possibility that we could continue to break the resistance at 1220 early next week. Price action is the major key to understanding Direction and we focus on price action in our Day trading course.
We are looking at higher lows and lower highs which give us a pennant formation from this move down. The S&P500 previous swing high at 1357 to this low of 1077 is about a 280 point move. The normal consolidation move will be from the swing low to 1220 before we get a commitment of direction.Day trading course -Watch out for sell offs in the S&P500 as the markets ascertain the commitment on retail buyers part.
If buyers do not commit to (investing) at these levels and we do get a rise on light volume, there is a good chance that we can get a sell of in the upcoming weeks. The general press is hinting that these are levels are inexpensive and this could be a buy of a life time. (lol) Be careful with this type of news as the ta [...]day trading course
