S&P500 day trading course weekly set up.

We are looking at a 240 min S&P500 emini futures day trading chart with levels of support and resistance.

S&P500 day trading course

We are looking at resistance at 1211-3 mark.  Goldman Sachs news hit and executed on what was a very low volume Head and shoulders on the hourly chart.

We have completed the move down and now am looking for a retracement to 50 or 61% for an ambush on the next leg down.

We have touched the supporting trend line at 1182.50 on the four hour chart, in order to keep this upward trend in tact we will have to break above the 1198.75 resistance.

If this resistance holds we could be looking at a Head and Shoulder pattern on the 4 hour chart with the formation of the right shoulder off of 1197-99.

Look for a downside target in the 1169-72 area.

If we settle above the 1198 area and gain some commitment, with buyers buying, we could be looking at a test back up to the neckline of the previous Head and shoulders and  some consolidation in this area.

S&P500 day trading course 240 short Head and shoulders

On this Chart we can see where we are hitting the supporting trend line after the move down when the neckline of the Head and shoulders pattern was broken.

This move down still has some downside momentum and could have a small area of consolidation before the next move down.  The down side target would be around 1170.75 for the next move.

I would watch for new associated with:

Goldman Sachs, indictments

Merrill Lynch using same Fraud tactics and being put up on fraud charges.

Many institutions will start to sue in civil court if these two market makers start showing weakness.

Basically, these were the black swans that used their knowledge to take advantage of CDO investors.

Next in line are Morgan Stanley and Citigroup.   This could tip the scales as buyers leave the financials and the market gets a move down.