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S&P 500 Emini Day Trading Gap Monday September 21, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Monday September 21, 2009
S&P 500 Emini Day Trading Gap Monday September 21, 2009

S&P Emini 500 Futures gapped up 4.75 opening at 1066.75.  The index spent this options expiration Friday in a narrow 8 point deep trading range.  The opening candlestick was within a tick of the day’s high at 1067.00.  Prices quickly fell, filled the opening gap, and hit the day’s low of 1059.25 by 12:05.  Traders took the price level back up to the day’s high, 1067.25 by 3:30, and created a double top for the day.  A 4 point sell off in the final 30 minutes of the week brought in a close of 1063.00.  That closed the week up a point from the Thursday close, and concluded the 9th up week out of the last 10.  The weekly chart still shows the index firmly in the overbought category.  The daily chart also finished in an overbought condition, although today’s close prints the second doji in a row.  The daily volume came in average at 1.87 million contracts.

S&P 500 Emini Day Trading Gap Friday September 18, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Friday September 18, 2009
S&P 500 Emini Day Trading Gap Friday September 18, 2009

S&P Emini 500 Futures opened 1 point below the prior close at 1062.75.  That meager gap filled in the next couple of minutes.  Prices climbed over the next 30 minutes, then vaulted to the day’s high of 1071.50 upon release of the Philly Fed minutes at 10 a.m.  It took the next hour and a half for traders to digest the news and decide on direction.  At 11:30, the index entered a marked down trend that lasted through the lunch period.  Prices printed the day’s bottom, 1056.25 at 1:30 then retraced 62% of the move down by 3:30.  The last half hour of trading broke the up trend line off the bottom, but rallied to close at 1062.00, down 1.75 points.  The closing  daily candlestick prints as a red doji,  but the down action can hardly be called significant.  Volume was greater than average again with 2.5 million contracts trading, and the trading range of 15.25 points was close to average.  Tomorrow is options expiration, which often provides for higher trading volatility.

S&P 500 Emini Day Trading Gap Thursday September 17, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Thursday September 17, 2009
S&P 500 Emini Day Trading Gap Thursday September 17, 2009

S&P Emini 500 Futures gapped up 3.75 points on the open of  1051.50.  Over the next 20 minutes, prices fell and touched the prior close, then began an up trend that lasted all day.  The upward momentum paused at 2:20 after reaching the high for the day, at that point, of 1063.75.  The index back off 4 points, before climbing back to and exceeding the high by a tick at the last two candlesticks of the day.  The close was 1063.75, and the final candles provide a double top for the index.  The double top can be construed as bearish, we will see what the overnight trading and tomorrow’s open will bring.  Volume was above average, once again, at 2,49 million contracts.  The 16.25 point trading range is average.  The close prints a new closing high for the year, and marks the 9th up day in the last 10.  The daily chart now shows a clearly overbought indication, and all of the intra day charts closed in overbought territory.  This sets up for a correction, but who knows when that will happen.  Once again, we let the price action tell the story each day.

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