The S&P 500 ES Traded one of it’s largest range days in quite a while today, opening and trading a 27 point range to close the day a bit better than flat.
Price traded down through the overnight to open at 2038.00, then tested the 2033 area of support before turning and flying back to the close the day in the 2060 area. This 55 point range will be the area to watch for an indication for the next direction. May have their sights set on the 2100 and 2140 area’s as upside targets. While others are waiting for what they believe is the impending fall of a market propped up by years of fake buying via QE 1-3 and Operation twist.
With no clear sign of anything other than just sticking to the trend. THe S&P has been grinding away at the tops with quick sell offs followed by buyers jumping in to bring prices right back. Take today’s price action with over 20 points of price failure for instance. Should this market continue to creep higher we could very well see the 2100 area. However if this plays out as a double top pattern we could be setting up for a reversal, perhaps another 100 points or so as a first target, then depending on the conditions of the market perhaps even more.
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