S&P Support Resistance Levels

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

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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.

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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.

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Futures Trading Levels & Economic Reports for July 21st 2010

July 20th, 2010 Filed under Commodity Trading, Future Trading News, Futures Trading, Index Futures | Comment (0)

Nice bounce after touching some FIB levels during overnight session/early morning. FIBONACCI levels been providing good support/ resistance levels so far when applied over multiple time frames. ( daily, hourly, 15 minutes etc. )

Below is a daily chart of the E Mini S&P 500 futures contract with FIBONACCI levels drawn.
Notice todays lows and highs.

We are closing against highs and some momentum during the night session can help this market visit 1099. Failure against the 1081 level and we are back to range bound trading.