Day trading course Christmas Rally market gets lift and rallies on light volume.
The S&P500 emini futures bounced off of support here for a light volume move to 1234. After the constant grind of Europe working to get some footing, the markets get a little respite in the form of a couple hundred billion from the IMF.
Day trading course focusing on the S&P500 emini futures support and resistance and day traders getting direction in the market.
The first area of support is at yesterday's close 1196.25 on the emini futures. The range of 1266.50 to 1195.25 gave us a 70 point range with the first area of resistance on a rally up to 1231. After some consolidation around the Point of Control 1220.25 buyers took control and moved the market to the upside. We are approaching the first major resistance on the long term 200ma (in red) at 1241 area. Not expecting movement above here but if the sellers come in at the close, we will be watching for a test to the resistant trend line around 1260. Remember this is Christmas week and "supposedly" all the big money is on vacation. Although if they are in vacation we would have seen a bigger sell off last week to settle positions. The big money is still around, watching as money flows in to the debted coffers of the European banking system. This has given some short term relief for the Euro and pushed the dollar index down.
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