S&P500 day trading course support and resistance and price action for the S&P500 emini futures contract. It seems the months, if not years of pent up investing is peaking its head from the dark hiding place it was once in. The knowledge of the Fed buying most of the Bonds coming through the treasury these days has led to investors moving to new vehicles and the Equities market is benefiting from it. For those investors, including the Fed that have been buying bonds recently in this bond bubble, are now having their heads served to them. It is estimated that even the Fed has lost around 10 billion dollars in todays price as interest rates have blossomed and price for bonds have gone down. So as the Fed has been purchasing most of the bonds over the past few months, the prices have been going down meaning these bonds bought with tax payer money, are worth less and less. The S&P500 is experiencing a small surge in buyer commitment and is lifting the markets to new highs. Following is a weekly chart with price projections and point of control for direction. [caption id="attachment_3457" align="alignleft" width="280" caption="S&P500 emini futures day trading weekly chart"]
[/caption] The point of control for the weekly chart is 1250 and presently the buyers are in control. Looking for 1320-45 will be a congestion zone if we get there in Mid February. Extreme high by march 20 of 1360-1368. If we stay above the POC. Support to come in at 1220, and 1245.
S&P 500 day trading course
[/caption] Point of control for the day is 1272.50 with resistance coming in at 1277.75, if we get some buyer commitment at these levels 1282 and then 1289 will act as further resistance with an extreme high of 1303. Support came in at 1264.50 with the sellers inability to take it through to new lows. News will be pre market and 3:00 with the gap at 1270.25. 
[/caption] The point of control for the weekly chart is 1250 and presently the buyers are in control. Looking for 1320-45 will be a congestion zone if we get there in Mid February. Extreme high by march 20 of 1360-1368. If we stay above the POC. Support to come in at 1220, and 1245. 
[/caption] Tomorrow's Gap 1272.50 Point of control 1269.50 pointed out last week, congestion zone from 1258 to 1275 until we get some commitment. Buyers ended the day in control, looking for an overnight drop to test previous point of control at 1265 and then depending on the priced in effect of the news, a move back up. If buyers don't start accumulating at these levesl then could see a test down. Support coming in 1255.50- 1257 then further support at 1250 Extreme low target of 1230 on bad news (Doubtful) Still in this bullish channel. Watch out for the volatility around the news. 
[/caption] Sellers are in control as we watch for the Fed to announce the 4th round of quantatative easing into the market. Possible double top and move to new highs on this euphoria. Watch for the volatility. 
[/caption] Point of control for this weekly chart is 
[/caption]Every year there is wonder and seeming amazement as we enter the holiday season and there seems to be a bit of levitation as the markets drift up. This Chris Angel like magic has the numbers reaching new highs in the after hours and sending it back down just before the open. The S&P500 emini then seems to almost magically lift off on little or no volume to again reach new highs. [caption id="attachment_3435" align="alignleft" width="300" caption="S&P500 day trading course daily chart dec 22"]
[/caption] Support at 1221 then 1240 with a Point of Control at 1245.50 Would expect to see this move down in the overnight for another act of levitation during the normal trading hours. [gallery] On the high side looking for resistance at the previous highs around 1250, with further resistance coming in at 1253.75 then 1258.75 then 
[/caption]S&P500 day trading course price action on S&P500 emini futures contract area of support and resistance. Point of Control is 1232.50 as sellers engulfed the previous buyers move up off of support at 1230. Watching for a move off of 1229 to 1235 and then a continuation to previous highs for the weekend. Don't forget about the invisible hand. If we do break support at 1230 then the next level of support is 1221 then 1214. Looking for an extreme low at 1207. Resistance is coming in at 1240-2 with 1249-51 and then an extreme high at 1265, probably coming in this next week before Christmas. 
