Tuesday, August 14, 2012
Market rally lacks commitment
Market Rally lacks commitment on the move up as volume in the S&P500 emini futures is around 1.2 million.
Day Traders are not committed to this move up on the S&P500 emini futures. We have support coming in on short term of 1390 and 1401.25 with resistance at 1403.75 and 1409.25. The long term Point of control on this move is 1401 and today it is at 1407 with a commitment of 1410 or higher to keep direction. Market rally will begin to falter as it reaches highs and volumes drop or stay the same.
A sign of capitulation would be for buyers to spike their buys at the top end of the days trading range and then for sellers to push them back leaving price failure. As you can see there is decreasing volume, but not large buys spiking volume through the descending trend line. If you would like to be able to use market rally to discern and use these price action techniques to define your entries and targets join us at one of Day trading courses. We normally have a Montreal Day trading course, a Calgary Day trading course, and a [...]day trading course
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