Day trading course S&P500 day trading tips daily chart targets

day trading course S&P500 daily chart

Off of the previous swing low we see price failure and a move up to 1393.  We are seeing a series of bull flags that are pushing us to previous swing highs.

1315 was the daily point of control and buyers have taken this away.

We are on our third leg up of this move from 1240 and looking for some consolidation 1320-1328.  Could be choppy tomorrow.

Support at the POC.

Volume is slowing down again on this move up.  WE are closing the day at 1.5 million contracts.  A lot of the movement (buying) is occuring in the after hours session.

We had capitulatory volume on the S&P500 emini on a 4 million contract day which signaled the end of the sellers in the mid term continuing the move up.

Bernanke has more time on his QE2(3) and funds headed into the market until June.  If so the extention to 1410 would fall in line with this pattern.  We have some rough patches to go through as Oil goes higher and the US consumer deals with price inflation with food going into this summer.

80% of the economy is consumer oriented, price inflation will cause a decrease in overall consumption especially as gas prices increase.  Yesterday I filled up at $4.06 a gallon.