Support and Resistance

Here 2 trades i made yesterday in the SP-500 Future. They involve support and resistance and how support can became resistance later.

When the market cross down this last low there is nothing that can stop it in going to the next support level, the market open.

Short position open:

Just a few minutes later, exit:

After the break of the market open support, the market go up to retest this levels but fails, at this point the support became resistance and the market start pulling down.

Open position to the short side:

Next support could be at 1.268, the trade end at those levels:

Sp 500 Quick trade to Long Support

Every day, before the opening of the markets i get the daily technical approach of the nasdaq and the sp futures from top notch.

This friday with the complete report and important levels top notch was telling the following for the sp:

WATCHING THE OPEN AS BOTH APPEAR READY TO OPEN NEAR THEIR PIVOTAL PRICES. UPSIDE THE S&P SHOULD FIND SOLID SUPPORT AT ITS LONG VALUE PRICE OF 1281.00, FOLLOWED BY THE DAILY PIVOT PRICE OF 1281.50. DOWNSIDE THE S&P WILL SEEK A FIRST SUPPORT PRICE OF 1271.60, FOLLOWED BY A KEY PRICE OF 1268.90.

As this market was opening lower and getting down fast, i opened a position to the short side at 1.283:

My target was the first support level of 1.281, in a matter of 4 minutes the market was there and i leaved the trade: