S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Wednesday March 17, 2010
S&P Emini 500 Futures gapped up 3.50 points this morning, that filled when prices retreated to within a tick of yesterday’s close. Traders pushed the futures through the 1150 mark at 11:00 a.m. on big volume. The magic level became support, as the market tested, pierced then held above it until the close. The bearish volume spike in the last five minutes is to be expected when prices close above psychological resistance. The index is still overbought, and could experience a move below 1150. A move below, then a move back above on heavy volume could validate a resumption of the up trend begun March 2009. Volume was average at 2 million contracts. The index marked a new high for the year, and a new high since March 2009.
S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Tuesday March 16, 2010
S&P Emini 500 Futures opened Monday with a small gap that filled quickly. Pricing once again pierced the 1150 level, but could not muster the strength to plow through the price. Volume on the day was a below average 1.7 million contracts, and the average trading range has fallen to 10.75 points. Today’s range was about 10 points. The close formed a virtual daily doji again, as traders seem to be waiting for some sort of catalyst that will result in some sort of direction. Perhaps the Fed announcement tomorrow afternoon will provide a directional spark.
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.
