Day trading course – testing resistance
Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
After hugging the bottom trendline and breaking through the channel, there was a pierce and testing of support at 1352.75.
When the market opened a strong rally ensued to the upside . Buyers were in control until a resistance level at 1370.50 held fast. There was a pierce and breakthrough of resistance and consolidation at that level.
At this time close to testing resistance again at the top of the narrow range at around 1372.
If there is a breakthrough of resistance at 1371 the buyers will come in to test the next target at 1372. There could possibly be enough pressure to rally to the upper trendline.
If resistance holds, sellers might come in to put pressure on price to test the downside with the first target at 1370. The next target levels of resistance are 1368.75, 1367.25, 1365, 1363.50 and outer target of 1361.25.
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