Day trading course – The S&P 500, DJ transports and a few other indexes are looking at a major decision point in the Market.

Greece is gradually being ignored because of the size and turmoil we are seeing in the European banking community over Italy.  Spain is also in the line up for a drubbing as they realize that the basis for real estate loans is whether you have money or contacts.  The appraisal system is almost non existent.  China also is being quite as today we have learned that their mythical reserves are exactly that ” a myth” and won’t be issuing money to the EU or the IMF to bail out Italy and Greece.  The European central bank could be warming up the printing presses as Italy agrees but does not commit to taking any actions.  Just a reminder, it took Greece almost a year to impose their Austerity measures on the country and their opinion now is that it is too late, so the hair cutting party could be on.

Day Trading Course focuses on key support and resistnace levels and teaches how to see the direction in the market to make profits.

The S&P500 emini futures has tested the 200 Moving Average (in red) on the daily chart three times.  The buyers pushed up three times to break this high but instead were loosing momentum on each try.  Sort of like Greece.  We are gradually headed to the supporting long term trend line where will start to see support coming in around 1205-7 and 1214.

Presently the 50MA is looking as the first area of major support as we have it approaching the 1200 mark.  We have seen previously that extreme tests of these areas can be anywhere from 8-20 points.  The inability to keep direction at these levels will be key on the reversal if there is one.  A move to 1188.25 would be enough of a move down for a price failure to occur tomorrow if the markets want to test these levels for a rebound and an execution of a bullish flag after a 12-20 point move below the supporting trend line.  This could give the velocity to the buyer side if we experience any sort of capitulation on the sellers side with high volume.

Looking at the structure of this Bull flag, or an ABCD Butterfly, or an inside W on a bearish channel.  We can see that if the area to 1180 is supported for an extreme low, then a possibility this next week of a rally to 1320 and then a move onto 1410.  This will be putting the market into a further ABCD pattern to the upside and a continuation to the previous swing highs on a monthly chart.  This is a very long term projection but in the near term the bullish flag with a sell side head fake could be the signal we are waiting for to rally into this fourth quarter for bonuses!

Day traders have sold this off with increasing volume this past three days.  As you can see on the S&P500 emini futures chart, the volume is increasing at an increasing rate (showing velocity) and the real price is decreasing with more indecision on the move down.  Tomorrow, we could watch stocks also move with some volatility as first the Asian then the European markets close.  It looks like they are pricing in the news for Europe this week for some good news coming this next.  A test to 1188 with indecision would be enough to give the market the oversold condition on a high volume move.  The retrace to 1203 will be a very important indication for next weeks price action.

Remember we are going into a holiday week in the US markets where volume could taper off.  If volume tapers off it is much easier to rally the markets.  A big consideration for getting to the next areas of resistance and breaking through the upper trend line of the bull flag.  The capitulation will start at any volume approaching the 4 million mark including the overnight.  Three days down, then indecision on the direction and a turn.  This is just a possibility, today I am projecting the possibility for a test down and stall.  We shall see, this could also be the continuation of the short term down trend with price closing under the 1200 psychological level and a further move down to 1153.  Anything under these levels and I would say goodbye to the buyers for this Thanksgiving session.

One more heads up for the market and price action.  Oil Traders are pushing prices up, there is a bit of speculative pressure in these markets.  As if something else is eroding the confidence of other commodities.  Seems like they are pricing in some more volatility to arise this next week in the middle east.

Day Trading Course teaches exact entries and exits to make the most profits with the least risk. We know where to get in, where to get out and how to manage our exposure. Come and join us for our next training!

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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.

Disclaimer: day trading is high risk, do your own work : The efficacy of both technical analysis and fundamental analysis is disputed by efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a day trading course, be sure you understand the risks involved in trading.