[/caption] The market today has a Point of Control 1185.25 with first support at 1180.25 then 1177.25 and low side target of 1168.50. We are seeing multiple attempts on 1193 and have been consolidating in a ten point range. If we break through this short term high, probably on the news or some other outside event as mentioned above, looking for resistanc [...] 
[/caption] This past week we have seen a double top on the S&P500 with resistance at 1193 . The move down from the high has seen a bit of support at 1180 , and 1175 with price failure and a move back to 1180. We have a fourth attempt at the resistant trend line in this bullish channel with shallow pull backs. Support is coming in at 1174.50 and the next major support at 1167 followed by 1158-59.75 Resistance is of course coming in at our previous swing high at 1193, then 1197.50-98 . Even Obama is cheering for the break of 1200, with his full press of cheerleaders led by Ben. This could be the psychological break of the ceiling that could push the S&P500 to new highs. We could see a slight retrace to 1156, but the next move up could place us around 1344. If this occurs the 1100- 1350 trough could last for literally years. 
[/caption] the buyers have been in control the past three days on relatively light volume. The sellers moved in on Tuesday with over 3,000,000 contracts executing and our first selling pressure in a week. 1178-80 is a congestion zone with a lot of positions on both sides. Looking for a test back to 1186 to continue. If the buyers can not take it above the this congestion zone on the close there is a good chance we could see another sell off day like Tuesday coming soon next week. The key will be the break of the daily point of control at 1166. If buyers do move in we are looking at resistance at 1186, 1189,1197.25 through 1203. It seems that with all the pressure in the press to paint the economy as healthy that the fed will push to get this market above 1200. We shall see. Support at 1172 and 1166. with a major support at 1144.75 
[/caption] 1182.25 held today as resistance is tested for the third time. Watching for this to make a break for 1192 then the big Psychological Obama victory of 1200. The champagne glasses will be ringing when this is broken. Support coming in at 1178 and 1173.50 below this we have the 200ma where we have a confirmation on direction with the 200 ema crossing. Will have to break through 1160 to get to the weekly point of control at 1156. 
[/caption] The past three trading sessions have seen a move up with closings near the 1st moves high of 1174. We have been testing both directions with 20 point ranges. Unfortunately, most of this move has been created with the devaluation of the dollar to other currencies which can be seen in Gold and Oil. Looking at the EURUSD you can see that the dollar is loosing ground quickly and we have a relatively strong move up in the ES. Same with USDJPY. We might expect to see inflation creeping in from here. [caption id="attachment_3343" align="alignleft" width="196" caption="S&P500 day trading course EURUSD ES USDJPY"]
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[/caption] S&P500 emini futures price action showing the resistance at 1178.50 with a move toward the 1166 support mentioned last week as resistance. Price action has been as laid out this past few weeks with a low volume move to these swing highs. If we have another test up tomorrow for a retracement of today's move looking for a swing high of 1174-6 then a sell into the close for consolidation and perhaps a move to 1144.75 if sellers step in with volume. Friday could be the day. 
