Dollar index moving up – Equities moving down – Day trading course

The dollar index is moving towards a double top at 80.28 with another area of resistance at an extreme high 80.82 .  This is the double top on a longer term chart.  We are using the 1440 min chart for this top to see the after hours movement in the dollar index market.

79.50 was the point of control on the day and buyers are buying.  We have price agreement with a low volume.  There is a possibility this weak buyer foundation in price structure could lead to the future turn around or sell off in the dollar index.

The dollar index soaring to this intermediate double top at 80.28 will put down ward pressure on stocks.  We will probably see a push back up on the indexes as the morning progresses to fill the open gap over the weekend.

Dollar index is particularly sensitive to the European negotiations.

December is particularly noted for declining volume and the Dollar index will reflect this.  Watch out for volatile moves as  the Euro has a lot of news behind it that will push these markets around.

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S&P500 emini futures price action

The S&P500 moved up last week on low volume.  Buyers did not commit heavily after the rally through the 50MA (purple moving average)  and were sidelined on the 200MA (RED).  WE came to the resistant trend line and did not settle or test above it.  This is not a positive sign for buyer commitment and over the weekend with the move up on the dollar index, equities and the S&P500 gapped down on the open.

The point of control is 1241.50 and the sellers have definitely committed to taking this market down. Looking for a stall around 1223-26 area as Sellers go into exhaustion.  After a small retrace we could see a test to the 1217 support.

The key to support here is around 1211.  If we close below this then we could look for a test of low and maybe an extension to 1153 then 1120 .  I would be expecting this to occur in January, but with the price action mentioned above in the dollar index, this could happen earlier.

If the buyers do step in getting above the 1263 Long term Point of control and a further break of 1290 to test the swing high from last summer at 1340.  We shall see.

Remember to do your own trading analysis. Never listen to anyone.  If you don’t understand your own strategy, don’t trade.

The S&P500 emini futures is one of the largest professionally day traded markets in the world. Our Day trading course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a profit out of the market. We trade Stocks, bonds, futures, equities, and the dollar index.

Day trading course focusing on the S&P500 emini futures support and resistance and efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a Day trading course, be sure you understand the risks involved in trading.