Day trading course – consolidation

Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

The buyers were in control and now its gone into consolidation, ranging between support at 1315.75 and resistance at 1326.00. Pretty much sticking around the 50MA. Sellers testing support and have pierced and gone through 1319.25. Next target 1315.75 and could go on its way down to test the bottom of the channel. The outer target of support being 1307.25.

If bullish sentiment to continue, the move upward would need to break through resistance at 1322.00 and then again at 1329.50 to move upwards from there and meet the top of the channel,. Outermost resistance is at 1345.25

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