S&P500 day trading course price action. There is price failure driving into the resistance at 1309. We are coming to a test of the supporting trend line on the 240 min chart and looking at a break down to 1291.75 as the next area of support.

The point of control on the S&P500 emini for the day is 1302. Sellers are presently in control and looking for a bounce off of the 1298.75 support.
If the support holds we could target the previous swing high at 1309 and for a possible extension to 1312.50 then 1316 as price has congested in this area before.

As we are watching the Turmoil in Egypt, Tunisia, Algeria and Yemen, the US markets are seeming more and more stable. Even with the increase of Bernanke speak (investing means spending) the US market is holding on. Unless we see some problems in the bond market this next week, or China buying more gold on this dip, we shall see the markets continue in their low volume, almost meandering way up to 1365.

Trade what you see, not on the news….
We will be in Toronto next month, join us if you can.