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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.

S&P 500 Emini Day Trading Gap Wednesday September 16, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Wednesday September 16, 2009
S&P 500 Emini Day Trading Gap Wednesday September 16, 2009

S&P Emini 500 Futures opened this morning at 1045.25, a 1.5 point gap up.  The gap was short lived and was filled in the first minute of trading.  After a brief spike up on heavy volume, the index fell over the next 35 minutes on even heavier volume, and bottomed out for the day at 1038.25 at the 10:20 candlestick.  Prices entered a slow up trend over the next 4+ hours, retraced the morning drop, then moved sideways until 2:40.  The index broke through the supporting trend line and headed down a couple of points before rallying at 3 o’clock to the day’s high, 1052.00.  Traders took the index back down most of the late afternoon rally and closed at 1047.75, up 4 points on the day.  This will be the 8th up day out of 9 for the Emini Futures, this time on strong volume.  2.5 million contracts traded today, well above the 50 day average volume of 1.8 million contracts.  The 12.75 trading range was below the 15 point average.  While the longer term charts, the daily and weekly, are still showing an overbought condition, the intra-day 3 and 5 minute charts finished today with an oversold indication.  What does that mean to us as day traders?  Tomorrow will tell the story.  We may see a rally in the short term out of the oversold condition overnight, or, tomorrow morning.  Longer term though, we still have to be alert to the possibility of a sizeable correction.

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