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.
S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Wednesday March 10, 2010
S&P Emini 500 Futures gapped down at the open, but filled in the first 30 minutes of trading. Today is the one year anniversary of the S&P Emini 500 Futures low of 670.75. The futures have gained 71% since March 9, 2009. Some volume came back into the market today, with volume coming in at 1.76 million contracts, just under the 50 day average of 1.91 million. Daily charts indicate an overbought condition as the index slowly moves to perhaps challenge the 2010 high of 1148. This week’s trading volume is diluted as traders change to the June 2010 contract from the March contracts. This Thursday should see volume move from the 03-10 contracts to the 06-10 contracts. Watch time and sales indicators to see which contract yields the most volume on that day.
S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Tuesday March 9, 2010
S&P Emini 500 Futures opened at the Friday close with no opening gap. Trading was very light, the day’s total volume was 1.18 million contracts. Normally, a good trading day would have that many trades in the first hour. The close for the day just about equaled the open, and did equal Friday’s close of 1137.75. The doji close, the light volume, the new recent daily high points to a market in decision. If the short term up trend continues, look for a test of the January high of 1148. There seems to be little conviction for movement either way however. The next news event of any magnitude will most likely provide the catalyst for determination of market direction.
