Day traders are ready to break new highs
Day traders are ready to break new highs on most major indexes.
The S&P500 emini futures is moving up once it breaks this support on the 24 hour after hours chart. Watch as day traders test up and price finds its support into the Friday closing. With seemingly no commitment to take it higher, expecting volume to decrease through out the day with a rally from three oclock. A small range, probably with in 10 points at this top unless day traders really step in on the bid. Considering the malaise in Europe, I wouldn’t expect Friday to be where the Market makers are establishing their position.
Day Traders have given this support at yesterdays close and are showing some strength at theses price levels. First support for this move is 1355.50 to 1356.75, we will probably spend most of the day cycling through here. If this area is not supported, we could see day traders move this to 1353 then our next area of support will be the 1348 area.
Since breaking this resistance, Day traders are looking to keep this above Thursday’s close. The first area of resistance which was tested in the over night was 1360.50 with some price failure at 1361.25. If the buyers rally through that level then we are looking for an extension to 1365, and an extreme high of 1368. As I have mentioned, the buyers are almost at exhaustion and we are seeing shorter range bars with decreasing real price.
Day traders also look as their weak volume pushes to these levels could be forming a short term head and shoulders.
If this is the case, then a test down to 1300 would not be unusual to get the move to a continuation to 1438 and then 1462. The first pint of major support for this move will be the 200ma on the 15 minute chart around 1347 then the previous swing low of 1334.
Day Traders Trade what you see and never listen to the so called experts. If you can’t see the direction of the market and don’t understand how to use a stop, then don’t trade. Never take stock tips, and if it is on the TV as a hot pick, it is too late.
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Day trading course looks at price and direction, the support and resistance and the direction of the market.
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The S&P500 emini futures is one of the largest professionally day traded markets in the world, Day traders from all over participate. 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.
Disclaimer: day trading is high risk, do your own work : The efficacy of both technical analysis and fundamental analysis is disputed by efficient market hypothesis which states that stock market prices are essentially unpredictable. Day traders must Be responsible for your trades, do your own work and never rely on others. When searching for a Day trading course, be sure you understand the risks involved in day traders. Day traders must be responsible.