S&P500 day trading course price action
S&P500 day trading course price action on a daily chart. We have been testing the S&P500 emini futures ceiling around 1186 and probably will be consolidating in this area for the close into the weekend.
the buyers have been in control the past three days on relatively light volume. The sellers moved in on Tuesday with over 3,000,000 contracts executing and our first selling pressure in a week.
1178-80 is a congestion zone with a lot of positions on both sides. Looking for a test back to 1186 to continue. If the buyers can not take it above the this congestion zone on the close there is a good chance we could see another sell off day like Tuesday coming soon next week. The key will be the break of the daily point of control at 1166.
If buyers do move in we are looking at resistance at 1186, 1189,1197.25 through 1203. It seems that with all the pressure in the press to paint the economy as healthy that the fed will push to get this market above 1200.
We shall see.
Support at 1172 and 1166. with a major support at 1144.75