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Day trading course Daily Analysis looks at direction on the S&P500 emini futures.
Daily Ananlysis – The emini future has had quite a volatile week. We have been in a fairly defined consolidation zone on the after hours daily chart. Price moved above the Point of control for today at 1159.75 after a test to 1132.75 . The sellers were not committed enough to break the support at 1105.
This move to 1132.75 is showing that the buyers are looking to test the resistance at 1180 then 1192.75. If the buyers can get through this area today there is a possibility that we could continue to break the resistance at 1220 early next week.
Price action is the major key to understanding Direction and we focus on price action in our Day trading course.
We are looking at higher lows and lower highs which give us a pennant formation from this move down. The S&P500 previous swing high at 1357 to this low of 1077 is about a 280 point move. The normal consolidation move will be from the swing low to 1220 before we get a commitment of direction.
Day trading course -Watch out for sell offs in the S&P500 as the markets ascertain the commitment on retail buyers part.
If buyers do not commit to (investing) at these levels and we do get a rise on light volume, there is a good chance that we can get a sell of in the upcoming weeks. The general press is hinting that these are levels are inexpensive and this could be a buy of a life time. (lol) Be careful with this type of news as the talking heads are not traders and have nothing vested in their empty narrative.
Trading is high risk, don’t trade with capital you can’t afford to loose. If your rent is due and you think your going to pull it off in trading, don’t do it. The market will eat you up. Trading is simple but it is not easy. The biggest wild card in trading is not the market. It is you. Working with a group of traders, and taking your time to learn the tendencies of the market is a way you can improve your skills as a day trader.
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A look at currencies.
There has been limited volatility overnight as Bernanke’s speech at Jackson Hole today continues to dominate investor focus. With opinions varying on what sort of revelations may emerge from his discourse, there is a distinct feeling that traders are unwilling to participate in equity and currency market moves. As such the major Asian indices are having a mixed but benign day; at the time of writing the Nikkei is currently +0.3%, Hang Seng -0.1% and Shanghai Composite -0.5%.
In the currency space, the USD has gradually been giving back its gains from yesterday’s US session, with EURUSD recovering from 1.4328 lows to 1.4429 today, and USDJPY falling from yesterday’s 77.70 peak to 77.20. The initial USD gains were made on the back of widespread risk aversion during the US session, led predominantly by the stock market turning lower – and exacerbated by the news that France, Spain, Italy and Belgium would extend short-selling bans on banking stocks until the end of next month.
Data yesterday afternoon was another mixed bag; US initial jobless claims were higher than expected at 417k, and there were upward to revisions to both last week’s initial and continuing claims readings. Of some comfort, this week’s continuing claims survey was much lower than expected at 3641k (compared to consensus 3700k). Looking ahead, aside from Bernanke’s speech we are expecting to get revisions to both UK and US GDP readings, Eurozone M3 money supply data, and the Swiss KOF leading indicator.
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The S&P500 emini futures is one of the largest professionally day traded markets in the world. Our Day trading
course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a
profit out of the market.
which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others.
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