Day trading course new market highs have been on low volume watching to see if support holds at these levels.
Traders are not committed to the highs of this past week as price drifts lower to test support. The S&P500 emini futures contract hit highs of 1330 on very light volume. The point of control is 1310.75 and sellers have taken it away this morning trade session. Day trading course looks at areas of support and resistance. The first area of support is in the congestion zone from 1302 to 1306. We would expect to see price failure below this zone as a test of support. Previous lows that broke through to 1296 formed an inverted head and shoulders on the short term charts that projected price back to 1304. 1302 is an area of support which has been tested through the overnight session. 1304-1306 will act as a ceiling locking the price action in the low volume lunch period to a 2-3 point range. The finish of the afternoon session could see some volume increase. Resistance at 1310.25 and 1317. Traders have kept the volume relatively low on this move above 1300. There is no commitment in establishing a floor with large contract purchases and the market makers have moved away from this price zone. Increasing price on decreasing volume is one of the signs that he price floors are weak and would make a sell off occur on low volume. We would have to get above the 1317 resistance for buyers to reclaim this move up, and if it was done on weak volume we could see the execution of a lower high in [...] day trading course
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