Day trading course - Just when it seems alright

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The S&P500 emini futures lost a little steam and saw some minor profit taking from 1290.    Looking for a point of control around 1275 for the buyers to take back control today and retest the highs.  If we see price failure on the approach to 1335 then we could look at consolidation in to the end of the year.  Would not seem consistent with most year end rallies. The S&P500 is showing support at 1261 with major support coming in at 1252 and 1246.25.  This could be the formation of a bullish flag on the daily with a bit of consolidation at present levels to get a break of the ceiling. Major Resistance is coming up at 1300 Mark.  Market volume is slowing, probably because of the MR Global insolvency and the CME cancelling all the orders.  Needless to say the Euro has rallied to a lower high after all the bail outs.  Too bad there is no commitment to fix the problems, just kick the can down the street.      

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Day trading course - bearish channel

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

The bears had it in the AM and they drove the price down to touch and test the support at the bottom trendline of the bearish channel. The bulls came in to rally upwards and have been testing resistance at the upper trendline. The buyers and sellers are in indecision right now.If the buyers move in and push price past the resistance at the trendline, the next target is at 1240. They could rally all the way up to the next target at 1252.50.

 If the sellers come into the market to continue the current trend the first target is 1228, second target area of support is at 1224 and if that support gives way 1220.25 is the next level. If this support gives way price will go down to test the support at the downward channel bottom trendline.

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Day trading course - bullish trend

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Bullish trend has been pushing prices up since last week. The price has been steadily declining slightly till the support 1242 was touch and tested. A subsequent price reversal has movement upward and testing the resistance at 1249. Buyers could move prices up to test next target at 1252.50 and upward to top trendline of bullish channel.If bears come in 1st target would be bottom trendline, 2nd 1242.50. Next support 1232 onto 1226.50, Next target after that is 1215.75.

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Day trading course

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

The prior support has become the resistance as the upper trendline of the bullish channel. There was a rally to this resistance level with a touch and test of resistance then a retracement to test support at the lower trendline.

Now testing a resistance level at 1228.75. If there is a breakthrough of resistance 1st target 1230.25 to 2nd target at 1225.50 and then onto upper trendline. If there is a selloff 1st target 1223, next target 1215.50 . If the support gives way, next target is way down at 1202, then 1196.50. The outer target is at 1185.75

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Day trading course - shallow bearish channel

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Sellers have driven the market down to test support at 1192.50 with a retracement to test resistance at 1211.75. At this time price is in a tight range signalling indecision. If buyers come in there will be a test to the upper trendline of the short term channel. Next target would be 1211 and if that gives way buyers will drive price up to test the next target at 1215.75, then onto the upper trendline of the long term channel. If the bears come in look for price to reach the first target at 1201.75. If the support gives way the bears will take the price to 1196.75 to test the support at that level. The next target of support would be the bottom trendline of the long term channel and onto the bottom trendline of the short term channel.

Trade What You See

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Day trading course

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Market was in consolidation until around 2:30 PM, when price tested and broke through support of the bottom trendline at 1215.25 where it plunged to its present range between support at 1203 and resistance at 1208. If support is strong buyers will come in to drive price up to test resistance at 1215. Next target up would be the top of the channel then onto 1223, then 1227 and top at 1229.75.

If support gives way sellers will take over to try to test targets at 1203, 1196.25 and then way down to 1187.25.

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Day trading course - bearish

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

The bears have just been dominating all day driving the price down from the high at 1226 to the present price point at 1195.25. The price is hanging around in indecision at 1195 to see if it wants to test the support at 1193. If support gives way next level of major support is way down at 1187.

If there is price failure with entry at 1198.25 first target is 1203, next target 1210.75, and then 1217.75 on the way up to test resistance at the top of the long term trend line.

Trade What You See

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Day trading course

[caption id="attachment_4259" align="alignleft" width="300" caption="Day trading course l 866-640-3737 l Day trading education"][/caption] Trading the S&P500 emini futures contract in the S&P500 day trading course live room. A bull rally in the AM brought prices up to test the resistance at 1210.25. A breakthrough of the resistance brought prices up to test the resistance at 1217.75. With a touch and test of resistance and a drawback, price went on to test support at 1207. A reversal back up to test resistance is now taking place. If there is a breakthough the first target is the top of the channel at 1219. If there's indecision price will range between 1214 and 1206, with targets of support at 1199, the bottom trendline of the channel, 1193 and 1185 Trade What You See  

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Day trading course - pennant

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Long term price action forming a pennant. The day has belonged to the bears up until 1:30 pm, after lunch buyers came in to move price up until there was a test of resistance at the top of the long term trendline at 1203. At this time price action is testing around 1196.25 . Next support level is 1191.50 and outer support level 1185.50. If support holds price will again reach upwards to test the upper trendline and then onto 1203, potentially reaching and testing upper resistance at 1216.

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Day trading course - ascending wedge

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Buyers have been driving prices up and testing a strong level of resistance at 1194.

At this time, there is testing of support at 1187, with consolidation and indecision at around 1188.50. We shall see which way it goes this afternoon, if there is a test and breakthrough of the top of the ascending wedge at 1194, the next target is the top trendline of the longterm channel.

If the bears come into the market and the support at the bottom of the wedge at 1187 gives way, the next target is 1182. The second target is 1177, which is close to the bottom trendline of the long term channel.

Then to the 200SMA at 1163.

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Day trading course - bullish

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Morning trading was ranging between support at 1168 and resistance at 1172, with a breakout from resistance at around 10 AM , drove price up to hug the upper resistance trendline of the longterm bullish channel, At this time, price is testing the support at 1176.50. If support does not hold next target is 1170, then onto bottom support trendline of channel. Next target 1155 and onto outer level at 1145.

If support holds expect buyers to come in and push price to test resistance at 1185.50 and then onto the upper trendline.

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Day trading course - buyers push price up

[caption id="attachment_4243" align="alignleft" width="300" caption="Day trading course l 866-640-3737 l Day trading education"][/caption] Trading the S&P500 emini futures contract in the S&P500 day trading course live room. So the buyers have been moving the price in a steady upward trend. Right now the support at 1153 is being tested once again. If price breaks through support which is a triple  of 1153, the 50SMA and the bottom support of the trendline, next target would be 1148, then on down to next support level at 1141 and then the outer support level at 1131. If the bulls move on in to continue the current upward trend, the first target is 1160 and on towards the top of the trendline and beyond.   Trade What You See

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Day reading course - rebound and consolidation

[caption id="attachment_4205" align="alignleft" width="300" caption="Day trading course l 866-640-3737 l Day trading education"][/caption]        

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Day trading course - bearish

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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Price has been trending down and ranging between the 50SMA and the support level of the downward channel.

At this time price is testing resistance at 1093. If there is a breakthrough the next level of resistance is at the 50SMA and then onward to 1111. It could head upward to the next resistance at 1128, which is close to the top of the trendline. If the resistance proves strong expect testing of support at 1084.

Trade What You See

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Day Trading Course|866.640.3737|learn how to trade stocks and futures

Day Trading Course|866.640.3737|learn how to day trade stocks and futures.

We will be training in Montreal in two weekends from now and would love you to join our community.  We offer support in English, French and Japanese.  Let's take a look at the S&P500 emini futures for an indication of where price might go.

Day traders have sold the S&P500 to support.

Sellers have moved this market down to 1119.50 creating a temporary support on this bearish move down.  We have a price failure to the resistance at 1128.50 with sellers following through with more pressure to support again. Point of control, where the buyers could take the direction for the day is above 1128.50  area.  Watch for a re test of this area in the opening hours if the support holds to the regular market open.

Remember traders, if you do not see a signal, don't trade remember your foundation from the day trading course.

A lot of traders have increased their exposure at these levels while the smart money has decreased trade size and will add on once they have direction.  There will be a lot of victims off this next move in either direction. Bearish action could push through to new swing lows.  Our first resistance to the downward pressure or sell is around 1110 which is a previous swing low.   There is more of a psychological support at the 1100 range where investors will be screaming "oh no!" I wish I would have sold earlier and then dump into a sell off.  Good for those of us with the accounts and the ability to short in to [...]

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