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S&P 500 Emini Day Trading Gap Thursday August 6, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

SP 500 Emini Day Trading Gap Thursday August 6 2009 S&P 500 Emini Day Trading Gap Thursday August 6, 2009sp 500 day trading course
S&P 500 Emini Day Trading Gap Thursday August 6, 2009

S&P Emini 500 Futures had virtually no gap this morning. The open of 1003.25 was only 3 ticks from yesterday’s close and filled in the first seconds of trading.  The day’s high of 1004.00 was marked in the first 20 minutes of trading, then prices sagged to the low of the day, 991.25 over the next hour.  A loose 5 point deep trading channel developed until 2:45 market time, then prices popped through the top of the resistance line.  As the chart shows, that rally got to within 1 tick of the day’s high, and gave us a double top.  As expected from that formation, prices dipped and closed at 999.75.  The close is down from yesterday, but not by much.  This creates only the 5th red candlestick on the daily charts since July 13.  Volume was once again close to average at 1.86 million contracts.  The 13 point trading range today was less than the 15.9 point 14 day average true range.

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S&P 500 Emini Day Trading Gap Wednesday August 5, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

SP 500 Emini Day Trading Gap Wednesday August 5 20092 S&P 500 Emini Day Trading Gap Wednesday August 5, 2009sp 500 day trading course

S&P 500 Emini Day Trading Gap Wednesday August 5, 2009

S&P Emini 500 Futures opened the second trading day of August at 995.50, a 4.5 point gap down from yesterday’s close of 1000. The first 30 minutes of trading was spent in a narrow zone of congestion, then broke out for a steady rise to the day’s high of 1004, a new high for the year. The run up also filled the morning’s gap. About 1 p.m. market time, the up trend broke, and trading formed another congestion area that lasted 30 minutes. A drop in prices ensued over the next 15 minutes, and prices found support at 997. That support level was tested twice in the afternoon session, once at the 2 p.m. reversal low, and once again at the 3:35 candlestick. The rally off the second test of 997 took prices the high end of today’s 10.75 point range to close at 1002.50, up 2.50 points. Volume was about average at 1.86 million contracts.

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