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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.

S&P 500 Emini Day Trading Gap Tuesday September 15, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Tuesday September 15, 2009
S&P 500 Emini Day Trading Gap Tuesday September 15, 2009

S&P Emini 500 Futures gapped down 9 points at the opening bell to 1029.75.  Over the next hour, prices climbed to fill the gap and begin a sideways move that became more restricted as the afternoon progressed.  At 2:30, the index inexplicably popped up 4 points on heavy volume, then consolidated in a flag type formation until the last 15 minutes of trading.  At that point, volume picked up dramatically and prices soared to the day’s high of 1045.25, and closed just under the high at 1043.75.  That close is up 5 points on the day.  Today’s trading range of 15.75 points is about the average true range, and volume was slightly above average at 1.95 million contracts.  The close marks another up day over the last eight, with the 60 minute intra day chart, the daily chart and the weekly chart all residing in overbought territory.  Still looks like a correction is coming, but who knows when.  With three open gaps underneath, the most distant being 902.00 from mid-July, a large correction is possible.

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