The S&P500 day trading course looking at a very consolidated trading range with no volume.

We are continually bouncing in this small range and looking for some commitment to take us out of the range.

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The daily chart is showing more and more consolidation between 1324-1340.

The point of control in this range is 1334 with buyers and sellers taking each other out in the regular trading sessions. It seems that they are looking to wait each other out as we are in the full swing of the summer session.

We have had a move up from the spring sell off and buyers have consolidated here to catch their breath. There is a possibility of a test to the 50MA at 1310 before a continuation with the major trend as the bearish trend resistance in the channel was broken.

If a sell off were to occur, which seasonally is very possible before the next rally before the August summer holiday, we could see 1280 as the major swing low before the continuation up. The key is the 1302 area and how it holds. Support at the 1300 level has held on many attempts previously. Watch for the test down from here.

A break above 1345 would be a strong signal that the buyers are back in control. Watch for 2-3 day closing above this level with no price failure for a continuation.

Summer is coming on quickly and there is hesitancy on the part of traders to commit in this market. Remember most industry players will be gone from end of july through the first three weeks of August. If you feel you have time to get a break through in your trading consider joining one of our Day Trading courses. There is a strong possibility of us being in Australia this next month. Contact us if you have a group that would like to learn.

Trade what you see.