The S&P 500 is staying in this consolidated range. Looking for it to break to 1049 area if there is a commitment on the buyer side. There is a bit of support under our point of control. If Sellers could muster a bit of strength it would give us about a 12 point run to the downside. Watch your self as we saw today, sometimes the technicals are being wiped out by the invisible hand levitating the market at critical price levels.
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures opened at 1026.00 this morning, which was .75 points below yesterday’s close. The small gap filled in the first few seconds of trading, prices headed down 12 points over the first 40 minutes of trading and bottomed out at the day’s low of 1014.75. Over the next 4 hours of the trading day, the index retraced all of the morning’s decline, and then topped out at the day’s high of 1032.75. Prices settled back over the last 1 hour 15 minutes of trading to close at 1029.75, up 3.00 points. Volume was above average at 2.1 million contracts, and the 18 point trading range was on the average of 18.3 points.
1027.5 is point of control with our first level of resistance at 1037.5 then 1049.00 . If we break below the point of control, will be looking for first support 1019.75 then next major support is 1007.25