Day trading course Christmas Rally market gets lift and rallies on light volume.

The S&P500 emini futures bounced off of support here for a light volume move to 1234.  After the constant grind of Europe working to get some footing, the markets get a little respite in the form of a couple hundred billion from the IMF.

Day trading course focusing on the S&P500 emini futures support and resistance and day traders getting direction in the market.

The first area of support is at yesterday’s close 1196.25 on the emini futures.  The range of 1266.50 to 1195.25 gave us a 70 point range with the first area of resistance on a rally up to 1231.  After some consolidation around the Point of Control 1220.25 buyers took control and moved the market to the upside.  We are approaching the first major resistance on the long term 200ma (in red) at 1241 area.  Not expecting movement above here but if the sellers come in at the close, we will be watching for a test to the resistant trend line around 1260.

Remember this is Christmas week and “supposedly” all the big money is on vacation.  Although if they are in vacation we would have seen a bigger sell off last week to settle positions.  The big money is still around, watching as money flows in to the debted coffers of the European banking system.  This has given some short term relief for the Euro and pushed the dollar index down.

The dollar index has major support at the 80.25 mark as we can see with the price failure below here.  The inability to break through to get to the supporting trend line could forecast a further moved down in the indexes and equities.  Enjoy the rally.  There could be two more days down as we test to the supporting trend line.  Guess we will see it as the commitment firms up, or falls through with no action in the ECB and between Germany and France.  More surprises to come in the Spanish, Portuguese and Italian Bond Markets.   Everyone in the European Financial Community is wishing for Christmas a few days early.  They will be headed home on Wed. night to return next weeks low volume and office parties.

This push down to support is reflecting more in a bullish flag formation with swing possibility to a double top or a move through to a long term trend line around 83.5.  Bye Bye Euro.

After hours in the S&P500 will also be a good indication for tomorrows open, maybe a small retrace and then a continuation of this move up in the S&P500 with dollar stalling on the way down.

Watch the after hours in the futures markets if you are an equities traders.  Looking for a rally in Europe after all the money being offered at 1%.  This could be enough for a Christmas rally.

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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.

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