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S&P 500 day trading course, 1027.25 point of control learn to trade

 

1027.25 point of control S&P 500 day trading course

1027.25 point of control S&P 500 day trading course

1027.5 is point of control with our first level of resistance at 1037.5 then 1049.00 .  If we break below the point of control, will be looking for first support 1019.75 then next major support is 1007.25

S&P 500 Emini Day Trading Gap Thursday August 27, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Thursday August 27, 2009
S&P 500 Emini Day Trading Gap Thursday August 27, 2009

S&P Emini 500 Futures gapped down 3 points today to open at 1024.00.  By 9:55, prices had dropped to what turned out to be the low of the day, 1020.25.  Buyers stepped in at the 10 a.m. reversal and took the index almost straight up over the next 25 minutes, filled the gap and beyond, peaking at the day’s high of 1032.00.  Trading retraced a big chuck of the morning’s 11.75 point range, then seemed to settle in around the 1026-1026.50 area.  If that sounds like a familiar number, it’s because that was the approximate median for trading yesterday afternoon.  The close, 1026.75 was just 25 cents off yesterday’s close, and created the third doji in a row on the daily charts.  Volume was just above average at 1.89 million contracts, and the previously mentioned trading range was well below the 14 day average true range of 18 points.

S&P 500 Emini Day Trading Gap Wednesday August 26, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Wednesday August 26, 2009
S&P 500 Emini Day Trading Gap Wednesday August 26, 2009

S&P Emini 500 Futures gapped up 4 points this morning, and took most of the trading day to fill.  The open was 1029.25, and prices began to move down towards the gap, but found support at 1026.50.  Buyers took control in front of  the release of the Consumer Confidence results at 10 a.m.  The index had already gained 5.50 points when the news was released.  Buyers took prices up in massive volume, and reached a high of 1038.00.  In classic “sell on the news” fashion, the sellers stepped in and took back the entire gain, on huge volume, to the 1026.50 support level.  All of this action took place in the first hour of trading….whew.  Over the next 2 hours prices slowly clawed their way to about a 77% retracement of the morning’s trading, then topped with a perfect shooting star candlestick at 12:35.  The bears took command and drove the index through the 1026.50 support, with a little bit of a struggle from 1:30-2:30, filled the gap, and took prices to the low of the day, 1024.75, at 2:45.  The last hour of trading brought the index back through the prior support and closed within a couple of ticks at 1027.00, up 1.75 points.  For all the apparent volatility, today’s range was only 13.25 points, below the average true range of 19 points.  Volume was higher than average at just over 2 million contracts.

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