Day trading education - is it safe yet? Day traders are standing on the side wondering if the markets are going to turn at these levels of support. The over all question is , "is it safe to get in yet?"
The S&P500 emini future is showing support after it's five previous days down and a test to 1340.
Day trading Education - looking for major patterns on the S&P500 emini futures. If we are seeing support at 1345 with a test to 1340 we could have an inverse Head and Shoulders forming. There are two scenarios that could easily play out. A move to 1375-81 where the move fails and it becomes then a continuation to the down side, or the other scenario with an extension of the move to close the open GAP at 1400. Watching for this to close today under the 1365 support The open Gap could be the initial target, If this forms a spike, luring investors in then we might have enough money on the table for a sell off. At present price levels between 1345 and 1355, it shows up mostly as price failure on he longer term charts with overnight price structure as a consideration. 1365 would be the point of control for the move up. The Markets seem like they decided to "just take a break this AM" as JPM courageously said they have made a mistake. Their 2 billion in initial losses will be unwinding a position that is going against them and their "hedge" is worthless. So it seems reasonable to say that the after math of this will be obvious only after JPM unwinds this position [...] day trading course
