S&P 500 Day Trading March 11, 2010 Support and Resistance

Today the market opened at 1140.50, up slightly from yesterday's close at 1139.75. The gap was nearly reached in the first few minutes of trading but filled just after midday. The market steadily rose throughout the morning, reaching our high for the trading hours at 1148.00. There was a slight retracement down to 1139.25 from the mornings upward movement. But this movement down was shortlived and the s&P 500 quickly rose back and closed at 1144.75. The range for the trading day was a fairly narrow one at 8.75 points. We will need a movement about 1148 to keep this upward trend in tact but with jobless claims coming out tomorrow, the continuation seems dim. Remember to change to your June contract tomorrow!

Market Maker Edge Day Trading course

S&P 500 Emini Day Trading Gap Thursday March 11, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2101" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Thursday March 11, 2010"][/caption] S&P Emini 500 Futures had a small gap that filled quickly Thursday morning.  Today's action tested, but did not pierce the high since the March 2009 low.  That high, 1148 is also the 2010 high.  Volume was above average today as the index closed up for the ninth day in a row.  A solid, sustained move above 1150 indicate a possible resumption of the up trend that started last March.  The index appears overbought, however, and continuation of this most recent move appears unlikely, at least in the near term.  Jobless claims tomorrow pre market may provide a catalyst for an indication of direction moving into options expiration next week.  Remember, tomorrow is the transition day into the June 2010 contracts.  Many traders watch the time and sales indicator, and switch to the new contract when volume swings in that direction around mid day.

S&P 500 day trading course

S&P 500 Day Trading Course Gap for Mar 10, 2010 Support and Resistance

With Volume still under average, we have been watching prices move slowly and through tight ranges for about a month now.  Prices have moved their way back to the highs we visited back in Jan in the mid  1140's.  Prices seem to be into the overbought area as we are approaching this, with prices climbing back 100 points from our Feb 5 low of 1040.75.  A sell of in the near future isn't out of the question, but watch for it as prices could keep floating through without an increase in the volume to support a move either way.  Wednesday's trading could see prices revisit the previous days high of 1144, then 1148 as the high from Jan.  Should prices decide to test back down we would be looking at 1136.75 and then 1134.00, with 1126 as an extreme low.

S&P500 day trading course

S&P 500 Emini Day Trading Gap Wednesday March 10, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2097" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Wednesday March 10, 2010"][/caption] S&P Emini 500 Futures gapped down at the open, but filled in the first 30 minutes of trading.  Today is the one year anniversary of the S&P Emini 500 Futures low of 670.75.  The futures have gained 71% since March 9, 2009.  Some volume came back into the market today, with volume coming in at 1.76 million contracts, just under the 50 day average of 1.91 million.  Daily charts indicate an overbought condition as the index slowly moves to perhaps challenge the 2010 high of 1148.  This week's trading volume is diluted as traders change to the June 2010 contract from the March contracts.  This Thursday should see volume move from the 03-10 contracts to the 06-10 contracts.  Watch time and sales indicators to see which contract yields the most volume on that day.

S&P 500 day trading course

S&P 500 Emini Day Trading Gap Tuesday March 9, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2095" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday March 9, 2010"][/caption] S&P Emini 500 Futures opened at the Friday close with no opening gap.  Trading was very light, the day's total volume was 1.18 million contracts.  Normally, a good trading day would have that many trades in the first hour.  The close for the day just about equaled the open, and did equal Friday's close of  1137.75.  The doji close, the light volume, the new recent daily high points to a market in decision.   If the short term up trend continues, look for a test of the January high of 1148.  There seems to be little conviction for movement either way however.  The next news event of any magnitude will most likely provide the catalyst for determination of market direction.

S&P 500 day trading course

S&P 500 Emini Day Trading Gap Monday March 8, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2092" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Monday March 8, 2010"][/caption] S&P Emini 500 Futures left an open gap Friday. Out of town so minimal commentary.

S&P 500 day trading course

forex trading us market wrap

• UK PPI output prices (Feb) rose to +4.1% y/y the highest levels seen for 14 months • German Manufacturing Orders (Jan) jumped +4.3% m/m; its biggest jump since Jun 2007 • German Chancellor Merkel quoted as saying "we should stand helpfully by Greece's side" • German Economics Minister Bruederle reported to have said German government does not intend on offering Greece "even one cent" • EURUSD weighed by an article in the WSJ: Spain's Woes Start to Sting Big Banks • A YouGov poll highlighted the Tory party lead has shrunk in key marginals ahead of this summer's UK general election • US non-farm payrolls (Feb) solidly better than expectations at -36k (-68k expected, prior revised down to -26k from -10k). A very good reading considering the snow effect dampening job growth. • US Unemployment (Feb) held steady at 9.7% (9.8% expected)

Forex trading - live day trading course and currency trade room.