Monday, August 28, 2017

Continuation of Trend


This is trading that happened during the Globex session. When you click on the image below its a daily chart of the S&P500 futres [The Stock Market] called the ES it is trading at 2430.  A news item generated a gap in price and when this usually happens buyers could step in and price would tend to shoot up to 2436 as soon as the market opens or sometime in the early parts of tomorrow's trading session.  On this daily chart you can find the overhead resistance zones which are between 2436 and 2445 that is the congestion that is directly overhead and the other two red rectangles are the areas where price departed quickly and went down an approximate 1.8% from each overhead resistance area.  Those levels should hold but anything can happen.  Below are the price levels where there is a lot of sensitivity where buyers will compete for good deals like 2401 and 2409.  There is a strong chance that with the news about missiles flying from North Korea that the market can go as low as 2385 tomorrow.  The other locations of price shaded in the yellow rectangles are stronger support points which are likely going to happen over the week, but it depends on how fast sentiment changes.  





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