New York – S&P500 not supported above 18695, sellers move in and profit taking on majors.
S&P500 has trouble over 1863-65 area as sellers move in to take profits. The market held close to resistance at 1870 for 2 hours into the close as sellers moved in and dropped the market twenty points. At 3:00 EST market makers stepped in on high volume and slowed the selling for a retracement back to 1863, we shalll see what the closing hold for the market but we could see this sell into the close.1842 is the support to watch as we move into this next week of volatility.
Downside targets of 1815 , 1780 and 1735.
Upside targets of 1910, 1940 and 1973. These are long term, If it is short term watch the chop and be careful holding onto short positions as the volatility on the buy side at support has been quite strong.
We will be in Montreal, Calgary, Edmonton this next few months for a three day training on the S&P500 futures markets and some swing trading. Join us.
|Originally published at day trading course, day trading education|