Day trading course – pierce and breakthrough

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

In the afternoon a strong  rally up to test resistance at 1267, with a pullback and move into consolidation ranging between support at 1261.50 and resistance at 1265.50. A pierce and breakthrough of support to drive price down to touch and test the 50MA with a subsequent pierce and breakthrough to test support at 1258.75. Now with a pullback and a price failure to the previous support level at 1261.50.

If sellers come in 1st target is 1260, next target is 1258.75. If support gives way the next target to test support is 1254.25 onto 1249.50. The outer level of support is at 1244.

If the buyers come back in they will drive price up to test resistance at the 1st target of 1264, then onto next target at 1265.50 and onto the outer level of resistance at 1267.75.

Trade What You See