[/caption] Basket orders took us down this AM off the open into support at 1069.75 which is the point of control for today. Bulls are going to have to keep price above this area. It looks like we have had a bit of price failure or testing to the down side. Further support at 1062.50 and 1050. If we bounce up from here we are looking at resistance at 1075, 1080.50, and then 1090.25 . 
[/caption] A Hindenburg Omen is an indicator that is a technical analysis pattern that supposedly shows up prior (just) to a stock market crash based on the NYSE. New York Stock Exchange. It is based on a large number of stocks hitting annual highs as a large number of stocks hit annual lows. The Hindenburg omen basically shows new lows and downside risk. Here is the scoop: The probability of a downside move over 5% is 77%. Pretty nice odds. Zero hedge has a break down and some information 
[/caption] Point of control for the day is 1080.50. In the overnight session of the S&P500 emini we have tested down to 1070.50 where we can see some support coming in. Below this we have an extreme low support of 1036.75 and one more at 1050.25 where we can have some previous consolidation. 1088 and 1119.25 are two open gaps to the upside. High probability of getting one of these. Volume on the daily has increased and as usual the increase in volume takes us down. This could be a short term test down and the key will be through the prior swing low of 1050.50. This is the level where the bulls will have to put in or else the next move down could be large. 
[/caption] Point of Control is from 1111.00 if we stay under here I am looking for the price to bounce between the 200ma and the 200ema (red dotted line) around 1088. I have my first area of support coming in at 1094.25 There is not very much news to move this. More later. 
[/caption] We will be covering these key areas: Business strategy in a printable template, we cover this every quarter. Trade rules – how to create a system based on your tendencies. Recording and quantifying results and keeping a trade journal Precise Entry points – no more guessing. Price and Direction - what you see is what you get. Trade Strategy – based on your individual performance. How to set daily targets. so you know when to run with the money. When to trade and when not to trade – keeps you from becoming a victim of the markets. Trading plan – When you are effective in the market place. How to let the trades come to you. Quit throwing away your money. Trading with targets and how to manage risk. How to get your income, wealth and freedom trading. How to spot the highest probability trade Mastering your strategy , how small changes can be the basis for long term consistent profits. How to be responsible for your trading and level of choice in the market. Specific times to trade and not to trade. These settings can change your profitability. Responsible trading practices The real workings of the market place and how to use these to your advantage. The difference between direction and hope. How to enter the trade and minimize risk. Montreal S&P500 day trading course An electronic traders text book on how to make money in the markets. You will learn how [...] 
[/caption] Watching the 3rd attempt on the bullish Channel. If we don't break through to retest at 1100 area would be looking for this to close as a hammer on the daily. There is not much volume commitment on this move down and the bulls are pushing this back up quite easily. Watch for the 1118.75 resistance, if they can' t get above this level we could see a continuation down. This 20 point range we have been bouncing around in try to get direction has been indicative of past August sessions where we have lower volume and stay rang bound until the Market Makers get back from Vacation. Watch for the news today on FOMC, could get some volatility. The Point of Control is 1125.25, if we move above here we have some room to 1133.75 then on to fill the open gap at 1156. 
[/caption] Market is slow so I wanted to post some targets for the S&P500 emini futures contract and show a possible price action. The Market is in a bullish channel with an extreme high target of 1165. I am looking for 1065 the open gap and then a turn from here in the zone between the two. First area of resistance is 1133.75 then 1145. Since breaking the bearish channel at 1080.50 the market has moved up on lower volume. The first two weeks in August historically have had lower volume and if this past year is any indication of market performance we will probably see this move up. The market's point of control for today is 1119.75 and we will probably consolidate around this area through to the close. A doji on the day would be par for the course. 1108.25 is the first area of support but as we have seen over the past few weeks we will probably get a little bit of consolidation and then a break out from this zone. The psychological support of 1100 is also there as bulls fight to keep this going up. 1080.50 is the extreme low in a sell off and expect to see some support in the 1093-97 zone and the 1087-89 zone. [caption id="attachment_2424" align="alignleft" width="124" caption="Montreal S&P500 day trading course "][...] 
