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Lunch time NYSE looking at the S&P500 emini future’s price action. The S&P500 took off this morning from the “good news” of the Market at 8:30 am.  It turns out it is another one of those “it is not as bad as we forecasted” type rallies with a cheer leading session follow up by the FED at 10:30.  Normally this is enough to put the market in a coma but reacting to the not as bad as we thought it was news, the market is putting in its 20 point rally.

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Point of control was 1274.50 today with the buyers taking off to the 1283.50 resistance.  Price has consolidated here, working on getting committed buyers to step in.  The trend has not yet continued through the previous high at 1288.50 where we are expecting a consolidation zone to 1292.25

Watching for the commitment to be executed to move this market after lunch.  The 200MA in red, is showing the support to keep the direction of the market going after this 100 point correction.  Getting close to the Mid June rally point.  Could be now, but would like to see the higher high to give us a turn on the leg down.

Don’t get overly anxious during lunch as the head fakes on this area will take your stops.  The Day trading course we are having in Calgary June 25-27 will cover the settings of the market and how to trade these periods, if it is what you like or works out in your sechedule. Lunch time can be tricky for even institutional players if you don’t have the team behind you or unaware of what is happening.  Different times have different characteristics.  Don’t get caught like all the indicator traders working on a break out.

Trade what you see, trade your system.