S&P 500 Day Trading Course Gap for Mar 4, 2010 Support and Resistance

After another day in the consolidated books, trading moved a slightly higher 9.5 points through Wednesday's trading.  Prices did hit resistance in the 1125 area, where price tested and failed moving back into the sideway channel we have been stuck in for the last 3 days.  Volume was low again with only about 1.56M through the day. Thursday I am watching for signs of a continuation back down, or another move up.  This sideways trading is a market in decision so be ready when the decision comes.  If we decide on changing direction I am watching for a move back to 1106, then 1100, and 1093.  Should market makers move prices through the 1125 resistance, I will be looking for 1127.25 and 1138.75 as the next targets.  Remember to get good confirmation, we are not necessarily out of the consolidation yet.   A lack of Volume may keep this market right where it is for another day or two.  Only one way to know. See you at the starting line!

S&P500 day trading course