Day Trading Course, S&P 500 resistance into consolidation, the bulls could take a break as buyers exhaust.
After yesterdays huge range, 1183 - 1247.25 buyers are probably exhausted. Expecting to see some price consolidation at the top. If sellers step in, they will probably be quite weak wondering if there will be action by the Central bankers to commit after their agreement to support the Euro. A big misconception is that the US Fed will be supporting the European Bond Market. The chance that they will be directly buying into the troubled European bond market is slim to none.
Day trading course looks at price and direction, the support and resistance and the direction of the market. Day traders are watching 1242 for the Point of Control. It seems that in the morning session the buyers had short term control of the market and it looks like sellers took back control. There are many levels of support around 1240, would expect there to be a lot of chop and indecision. If sellers have no real commitment on taking this back to at least 1232, we might see this close over 1247 giving a small doji on the day. This type of indecision could bring a turn for a test to 1232 then 1226 tomorrow with an extreme low on the day of 1211 and 1202 for support. Buyers could close this above 1257, if there is a volume commitment [...] day trading course
