Day trading education SP500 price action

The S&P500 day trading course looks at the price action today on this re-tracement of previous buyer commitment. This Chart shows some of the levels we posted last week.

Our point of Control is 1334 With the sellers still in control from Friday’s NY. close. Our support is at the 50MA on the daily chart at 1309.75 with the first area of support at 1326.25 getting blown through on the sell off. Watch as we approach the close as sellers could make an attempt to close at the lows or move towards the 1300 psychological support.

If price closes below 1309.25 we could watch this test to 1300 in the after hours. There is a flight to safety as the aforementioned problems in Italy, could take the economic eye off the ball here and shift focus to the failing euro policy.

Extreme low projection to 1272.75 Watch for the break of 1300. This is the key support. As mentioned early last week, we are ready to re test these major supports.

Best to be agile and trade these with stops. This is a very volatile area, watch yourself.