S&P 500 Support and Resistance Levels

Price Levels for Futures Trading, September 28th 2010

September 27th, 2010 Filed under Commodity Trading, Future Trading News, Futures Trading, Index Futures | Comment (0)

Daily chart of Mini SP below. As I mentioned last week, I got a couple of potential “sell signals” and the market only gave us a small decline if that. What is being referred to as “divergence”. Well…I got one more potential for market retracement.

This time the SP will have to drop below 1123 in order for me to enter a short swing position. I call it price conformation. Meaning I would like to see price action confirming my technical speculation. FIB levels on the chart will be used to determine potential targets, stops etc.

Mini SP Future Trading Chart

Read the rest of this entry »

617.10 is Initial Target for FIB Level for Futures Trading, September 24th 2010

September 23rd, 2010 Filed under Commodity Trading, Day Trading, Future Trading News, Futures Trading, Options Trading | Comment (0)

I got two “false” sell signals before this last one….I think the fact that we went through the first FIB level gives this short swing trade higher chances of being correct with initial target of 617.10.

Since NONE of us have a crystal ball, one always has to calculate the proper stop or risk allocated for the trade and see if it makes sense based on ones account size, risk tolerance etc.

For this specific one, I would conclude that my short trade is wrong if we trade above 660.

SP 500 Day Trading

Read the rest of this entry »

Watch for Price Action the Day After FOMC, September 22nd 2010

September 21st, 2010 Filed under Commodity Trading, Day Trading, Future Trading News, Futures Trading, Options Trading | Comment (0)

FOMC is behind us. Mixed reaction from the market and many times the real direction will show the next day, so tomorrows price action is important to watch. My indicators suggest that as long as we can hold the 1115 level, we still have a shot at more upside move. However a break below 1115 on mini SP along with continued upside in bond market may suggest temporary top. Time and price will tell.

Read the rest of this entry »

FOMC to Provide Futures Trading Market with Direction, September 21st, 2010

September 20th, 2010 Filed under Commodity Trading, Day Trading, Future Trading News, Futures Trading, Trading Guide | Comment (0)

FOMC tomorrow around 2:15 Eastern time. Even before that we will start the day with some important housing numbers. FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow. If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market. My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. I am including 5 minutes chart from August 10th of this year, which was the last FOMC we had for your reference. Read the rest of this entry »

Futures and Commodity Trading Blog, September 20th 2010

September 17th, 2010 Filed under Commodity Brokers, Commodity Trading, Day Trading, Futures Broker, Futures Trading | Comment (0)

Market finally broke to the upside but like always “tries to make it harder” for us traders…. The upside breakout lacked momentum and / or continuation, at least today. However, I have shifted my swing trading stance to cautiously bullish as long as SP500 can hold above 1105.75….

FOMC next Tuesday along with busy Thursday / Friday economic and speaking schedule.

Have a great weekend, take time to recharge the brain and “clean it” from all the ” I should have placed a stop at this price and i should have taken that trade” etc….Once a trader has a concept they feel good about, the rest of the battle is mostly mental one with yourself.

Read the rest of this entry »