Day Trading SP500 Index

Day Trading SP500 Weekly Chart

If I look on Weekly chart, it will tell you, is better to go Long than short.

Why? well at first we had 2 nice unsupported price from sellers. And when sellers try to retest 1600 points, they fail by 7points. 

But if we look on daily chart, we can see that Market are looking for new Direction.

SP500 index Daily Chart

On daily chart we clearly can see, sp500 are consolidating between 2 Sellers Support and 2 Buyers Support. Depending witch way market will go,

Long Targets are: 1655 – 1670 – 1685

Short Targets are: 1600 -1582 – 1572

 Market should show us a direction on Thursday or Friday.