[/caption] The point of control on the 240min chart is 1267.25. Price is in a bearish Wedge with supporting trend line coming in at 1250. This is he first line of support. Sellers grabbed control this AM with a move to first support area 1265 off of short term supporting trend line. Next support is 1260 then 1252.50 Watch these areas as a break through could lead to a sell of to 1228.50 Expecting an extreme low around 1250 and some consolidation. The S&P has been falling on decreasing volume which normally leads to one day of heavy selling then a capitulation in the volume. Remember we are still in the sell in May and go away stage so all of the Double negative ETF's have been preforming quite well. Normally we will see a turn in Mid June with Minor consolidation through July. If this is the case then watch for the "summer blues" to set in. This is also a great time for you to get some education and practice your techniques. We have two more training's this summer. Our Montreal day trading course will be July 9-11. We will be focusing on risk [...] S&P 500 day trading course
