Day Trading Course – ES and S&P 500 is at it again

Day Trading Course – ES and S&P 500 is at it again

Day trading course S&P 500 Managed Trading Accounts –

The ES e-mini and the S&P500 are at it again.  Closing this weeks trading into new highs the market has never seen before.  With price mere points away from closing the 2000 area and a 12 day run so far,  the S&P has truly been a buyers best friend.

With the weekly chart we can see how the S&P hit the supporting trend line and immediately turned around to run for the top.  With prices moving steadily up, and yet another push after this weeks FOMC release this market has not looked back since testing the 1900 support a couple weeks ago.

SP500Weekly 300x254 Day Trading Course   ES and S&P 500 is at it again

Should the S&P continue to trade to the resistive trend line on the weekly chart, price could see a break through the 2000 area in the next week or two of trading.   If price breaks through the 2000 area, I am expecting some profit taking to take place, however the high side target on the weekly shows 2015 as a good target for this move.   If price fails to move there are reverses I would expect to see the 1985 and 1970 area’s as target support.

 

Even though the S&P saw such incredible gains in trading these last few weeks, the dollar index has continued its upward trend as well and seems to have become completely uncoupled lately.  The USD has seen large gains across many other currencies the last few weeks signaling investors move to safety with current world conditions.  This would usually signal a move out of the stock market by investors, however this has not been the case as of late.

 

I currently have no position on in the S&P500 as I do not buy at the top.  I am currently long on the dollar index and and some usd currency pairs and have been for many weeks.    These trades are monitored closely and are largely in profit.

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