Day trading course – possible right shoulder formation
Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
After the rally on 7/18 there has been an extended range with a double top at the resistance level around 1375.75. Possibly at this time a right shoulder forming as part of a head and shoulders formation. We shall see.
If this is the case sellers will be in control and they will be testing targets of support at 1368.75, 1366.50, 1365, 1363.50, 1361.25 and all the way down to a major support level at 1356.50.
If support holds buyers will come in and test resistance at the first target of 1370.75, with the next level of resistance at 1372 to 1372.50. Next targets at 1373.75, 1375 and on up to the upper trendline.
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