Bear Channel Bull Flag - Day traders have been in a bearish channel on this bull flag.
The S&P500 is in a bear channel testing down to 1354. The point of control for today is 1357 and the sellers are in control. The Long term support shows a bottom in his range of 1353-1354. If this gives way, support is coming in at 1346, then 1332 for a sell off. More than likely the furthest we could test down is 1352 on the day with a consolidated close at 1357. Buyers could step into this bear channel to execute a bull flag with a test off of 1352 if there is price failure. The descending resistant trend line would give us the first area of resistance at 1360. if Buyers do not commit to the move the bearish channel will still hold and the price will remain in this very congested zone with a 12 to 14 point range. Bull flag would start to execute with the break off 1364 then 1368 for resistance. On a longer term, the extension of this move could be to 1398 and a possible test above 1400. We are having a course in Calgary this weekend. Join us if you can. There is a Calgary day trader meet up tomorrow evening where I will be speaking. Trade what you see and never listen to the so called experts. If you can't see the direction of the market and don't understand how to use a stop, then don't trade. Never take stock tips, and if it is on the TV as a hot pick, it is too late. Day trading course focusing on the S&P500 emini futures support and resistance and [...] day trading course
