Day Trading Course - S&P500 Touched New High - Sell Off
After a Strong open and posting an higher high since July 2011 of 1355.87 on the SP500. The sellers came in and took control and took all the way down to the low of the 14th at 1340.83. This low was bought by the buyers up to 1354.72 within 35mins. Today close on SP500 was 1343.23
We could hold since there was some strength in the move on the 14th after price failure at 1337.75 on the EMINI Futures,which most DayTrading is calculated. If we do test the highs then the 1st Resistance will be 1351.50. Then the next Resistance should be 1353.00 then the high of 1357.50 which the buyers could not push through and Sellers took control.
But it would be fair to say since the Sellers were in such strong force today we will most likly see a few more support levels touched and tested. The first is the low of today on the SP Emini of 1347.50 to 1346.00. The next support level is 1342.75 to 1340.00. Low of the 14th (under the Gap of the 13th) of 1337.75.
Trade what you see and never listen to the so called experts. If you can't see the direction of the market and don't understand how to use a stop, then don't trade. Never take stock tips, and if it is on the TV as a hot pick
[...] day trading course
The S&P500 emini futures is moving up once it breaks this support on the 24 hour after hours chart. Watch as day traders test up and price finds its support into the Friday closing. With seemingly no commitment to take it higher, expecting volume to decrease through out the day with a rally from three oclock. A small range, probably with in 10 points at this top unless day traders really step in on the bid. Considering the malaise in Europe, I wouldn't expect Friday to be where the Market makers are establishing their position. Day Traders have given this support at yesterdays close and are showing some strength at theses price levels. First support for this move is 1355.50 to 1356.75, we will probably spend most of the day cycling through here. If this area is not supported, we could see day traders move this to 1353 then our next area of support will be the 1348 area. Since breaking this resistance, Day traders are looking to keep this above Thursday's close. The first area of resistance which was tested in the over night was 1360.50 with some price failure at 1361.25. If the buyers rally through that level then we are looking for an extension to 1365, and an extreme high of 1368. As I have mentioned, the buyers are almost at exhaustion and we are seeing shorter range bars with decreasing real price. 
