Thursday, June 7, 2012
Day trading course - Buyers remorse
Day trading course looks at technical price action on the S&P500 emini futures to see what could end the trading day in a little Buyer's Remorse.
After a quick reversal and 2 days of buying with high volatility on the buyer side, the S&P500 emini futures bounced off of resistance at 1330. The overnight sessions have seen most of the move as the EU got together to agree on agreeing. First area of resistance at 1322.75 . If the market closes below here we could see a hammer finishing this move up and a test to 1330 giving 7 points of price failure where the sellers took the direction off of buyers.The previous swing highs at 1335 look to be the swing high target. If the market closes at the 1322.75 resistance or above look for a test of the swing high an maybe a continuation to 1352 and an extreme high target of 1363-65. This would be about two weeks ahead of the previous price projection pattern and complete the lower high in the long term off of the double top. If this closes below the 1314.50 and we have a sell off into the close, looking for support at the 1304.50 area on the approach to the psychological 1300. This could be where the retail pulls out and actually starts the move to 1180 (longer term target). I would be looking for more "doom" out of the EU with a black swan event like Germany deciding they have had enough and pulling out of the Euro, or a collapse of the Russian Ruble as oil & commodities prices tumble. There are many doom situations coming out of Europe presently with Spain's banking, insurance and credit structure coming into focus. It i [...] day trading course
Subscribe to:
Posts (Atom)