Day trading course – testing channel
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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
After a time testing the resistance at the upper trendline, a final test brought sellers in to pressure price down to test support at the 50SMA. A final push down to test the lower trendline ended in price failure with a Doji, then a break to the upside to hang out around the 50SMA once again. With a breakthrough of resistance at 1389.25 a rally ensued to the upside to test resistance at the top trendline. With resistance holding fast, a drop to the downside due to sellers pressure again to bring price to hang around the 50SMA, ranging between support at 1389.50 and resistance at 1393.25, with a midway at 1391.50.
If buyers keep the pressure on the first target is 1395.25 onto 1397.50, 1399 and then to the upper trendline.
If sellers come in, they will bring downward pressure to test support at the first target of 1393. The next target levels of support are 1391.75 and 1389.25 ( which coincides with the 50SMA and the lower trendline) stronger support? … from there next targets are 1386.50, 1384.25, 1381, 1378 and on down to the outer level of support at 1373.75.
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