Day trading course new market highs have been on low volume watching to see if support holds at these levels.

Traders are not committed to the highs of this past week as price drifts lower to test support.  The S&P500 emini futures contract hit highs of 1330  on very light volume.  The point of control is 1310.75 and sellers have taken it away this morning trade session.

Day trading course looks at areas of support and resistance.

The first area of support is in the congestion zone from 1302 to 1306.  We would expect to see price failure below this zone as a test of support.  Previous lows that broke through to 1296 formed an inverted head and shoulders on the short term charts that projected price back to 1304.  1302 is an area of support which has been tested through the overnight session.

1304-1306 will act as a ceiling locking the price action in the low volume lunch period to a 2-3 point range.  The finish of the afternoon session could see some volume increase.  Resistance at 1310.25 and 1317.

Traders have kept the volume relatively low on this move above 1300.  There is no commitment in establishing a floor with large contract purchases and the market makers have moved away from this price zone.  Increasing price on decreasing volume is one of the signs that he price floors are weak and would make a sell off occur on low volume.   We would have to get above the 1317 resistance for buyers to reclaim this move up, and if it was done on weak volume we could see the execution of a lower high in a low volume sell off.  These are quick moves when they happen so be cautious.

ON the 60 min chart we have a head and shoulders formation with the first support in at 1300.  if we retrace to 1314 and see price failure to 1318 this could be a confirmation on the next move to support under 1300 to 1288 and then to 1281.  As mentioned earlier this could be a quick sell off it is triggered by news or information coming out on Europe.

If price stays above the 1317 area then watch for the test of previous swing highs at 1330.  Buyers will have to commit to get through these zones though.

Day trading course will be in your area soon, join us for Day trading education.

We normally have a Montreal Day trading course, a Calgary Day trading course, and a New Smyrna Beach Day trading course.

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.