Day Trading Course – testing support
Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
A bullish trend with a very strong test to the downside earlier on 7/17 piercing and breaking through the bottom trendline of the channel. Support was found at 1339.25 with a retraction to the former range and continuation of the the bullish channel.At this time testing the lower trendline, support is holding.
If support breaks and sellers come in price will breakthrough the lower trendline and head towards the first target at 1353. If bearish pressure is still strong next targets of support are 1349.50, 1346.75 and on down to 1344.25.
If support holds buyers will come in to push price towards the upper resistance at top of the channel. The first target is 1355.25. The next targets of resistance being 1357and 1359, on the way up to the upper trendline.
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