S&P500 day trading course price action sell off

S&P500 day trading course price action sell off.  The S&P500 emini futures broke the Point of control and sellers have moved in. [caption id="attachment_3378" align="alignleft" width="257" caption="S&P500 day trading course price action sell off"][/caption] We are in a Bearish channel with a supporting trend line coming in at 1172.25 that should add some temporary support, as mentioned on the call yesterday we are looking for a extreeme low of 1168.25.  We are getting close. If the Buyers can not bring this to a close above 1189 during this next few days we could see this sell off continue into the holidays with consolidation in the 1133-45 area. Quantitative easing 2 or round 4 might have a backstop for the equities market.  If the "invisible hand" of the Fed steps in again it will probably be on the approach of psychological support in the 1100 region. Presently, the problems in Ireland have contributed support to the USD but contributing to market weakness in equities.  This is the normal inverse relationship that the market runs in, but expecting to see another decoupling as money starts to pour into the Bonds market from the Fed's purchases. When this occurs would be looking for the dollar to weaken again and if the equities do not rally, this is where we could see the sell off and loss of faith that will bring the market towards the 1000 psychological support in the S&P500 emini futures contract. Keep your heads up around the news and entering into the weekends.

S&P 500 day trading course

S&P500 day trading course price action post fed

S&P500 day trading course looking at price action after the fed.  As mentioned earlier we are in a  bullish channel within a longer term bullish channel. [caption id="attachment_3367" align="alignleft" width="185" caption="S&P500 day trading course"][/caption] Looking at the S&P500 emini futures contract on a 240 min chart we can see that even with the news the price action stayed contained with in the supporting and resistant trend lines on the longer term time frame. Point of control on the day is at 1193.75 Sellers were in control for most of the day.

S&P 500 day trading course

S&P500 day trading course big week FOMC

S&P500 day trading course looking for a big week with voting, employment numbers and the Fed.  Some volatility entering the market. For the much hyped and anticipated FOMC meeting, it is universally expected that Fed members will keep rates at their ultra-loose level of 0.00 - 0.25 %. The key issue will be the initial size and subsequent increments of the Fed's 2nd round of quantitative easing (QE2). We are looking for an initial injection of asset purchases around the $500 bn level or something along the lines of $100 bn/month with a comment stating that the Fed will adjust accordingly to future US data. While additional increments of QE might be determined on a dynamic basis, based principally on inflation data, it will nevertheless push inflation higher. We suspect that these figures are very near consensus (hard to gauge) and deviation could instigate a USD reaction. In this case will the S&P500 move with or against the EURUSD pricing? USD positioning seems to point to the market being short USD - so a less-than-expected QE2 injection could spark a decent short squeeze and subsequent rally to the S&P500 emini futures. [caption id="attachment_3362" align="alignleft" width="262" caption="S&P500 day trading course "][/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 [...]

S&P 500 day trading course

S&P500 day trading course price action

S&P500 day trading course live trading room price action on the S&P500 emini futures contract. [caption id="attachment_3356" align="alignleft" width="300" caption="S&P500 day trading course S&P500 emini futures price action"][/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.

S&P 500 day trading course

S&P500 day trading course price action

S&P500 day trading course price action on a daily chart.  We have been testing the S&P500 emini futures ceiling around 1186 and probably will be consolidating in this area for the close into the weekend. [caption id="attachment_3351" align="alignleft" width="243" caption="S&P 500 day trading course daily chart "][/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

S&P 500 day trading course

S&P500 day trading course price action S&P500 emini futures

S&P500 day trading course price action S&P500 emini futures.  Point of control for today was 1173.  Seems the bulls were in control as good new from Citi profits come over the wire.  Gold also crossed the 1372 mark. [caption id="attachment_3347" align="alignleft" width="258" caption="S&P500 day trading course price action"][/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.

S&P 500 day trading course

S&P500 day trading course daily chart price action

S&P500 day trading course daily chart price action for trade date Oct 18. Looking at the S&P500 emini futures contract. Buyers and sellers are at a practical stand still testing direction and either finding a top or pushing for a break of support. Most of the time ending a few points away from the open. [caption id="attachment_3342" align="alignleft" width="244" caption="S&P500 day trading course daily chart"][/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"][/caption]

S&P 500 day trading course