S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Monday March 15, 2010
S&P Emini 500 Futures started Friday with a gap up to test the 1150.00 level. That level was pierced, then prices quickly fell into a relatively narrow range that found resistance at 1146.50. The close of 1144.75 approximated the median of the 4 point range that persevered for most of the day. The daily candlestick closed in a doji reflecting the current uncertainty as to market direction. Volume for the day was average, and the flat results marked the first day in the last 11 days without a higher close. Next Friday is options expiration which often is preceded with bullish market behavior. There appears to be massive resistance at the 1150 level, so look for a flat week. In the next couple of weeks, there may be a retracement to the 1110 level. A break through the 1150 level on sustained volume would signal a probable resumption of the up trend which began in March of 2009.
S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Friday March 12, 2010
S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Thursday March 11, 2010
S&P Emini 500 Futures had a small gap that filled quickly Thursday morning. Today’s action tested, but did not pierce the high since the March 2009 low. That high, 1148 is also the 2010 high. Volume was above average today as the index closed up for the ninth day in a row. A solid, sustained move above 1150 indicate a possible resumption of the up trend that started last March. The index appears overbought, however, and continuation of this most recent move appears unlikely, at least in the near term. Jobless claims tomorrow pre market may provide a catalyst for an indication of direction moving into options expiration next week. Remember, tomorrow is the transition day into the June 2010 contracts. Many traders watch the time and sales indicator, and switch to the new contract when volume swings in that direction around mid day.
