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S&P 500 Emini Day Trading Gap Monday August 17, 2009

 

                                            S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Monday August 17, 2009
S&P 500 Emini Day Trading Gap Monday August 17, 2009

S&P Emini 500 Futures opened Friday, after a narrow 6 point deep overnight session,  a tick below the prior close, so, no gap today.  Price moved one tick up in the first minutes of the day and hit the prior close, and that price, 1011.50, was the high for the day.  The index then plunged 17.50 points, and, at about 10:20, entered a sideways consolidation that lasted most of the rest of the day.  The bottom of the 4 point deep consolidation range was pierced at the 11:35 candlestick to print the low of the day, 992.25.  Buyers stepped in for the last 20 minutes of trading and retraced about 55% of the day’s move.  The close was 1002.75 down 8.75 points.  Volume was average at 1.83 million contracts, and the 19.25 point range was deeper than the average true range, 17.7 points.

S&P 500 Emini Day Trading Gap Friday August 14, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Friday August 14, 2009
S&P 500 Emini Day Trading Gap Friday August 14, 2009

S&P Emini 500 Futures opened at 1008.00 Thursday morning, a 4.75 point gap up.  Futures began a 10 point drop soon after the open.  Prices bottomed at 10:00 a.m. at 998.00, and that turned out to be the low for the day.  The reversal began right on time at 10, and retraced all of the morning’s decline and then some over the next hour.  Trading took a breather, and prices entered a period of ragged consolidation over the lunch hour before regaining some volatility at 1:00 p.m.  A big 4.75 point candlestick at 1:05 launched the afternoon session.  Prices vaulted to the high of the day, 1012.00, then settled back into the congestion range.  Sellers took the index to a lower high, 1002.50, before buyers stepped up in the last hour and one-half of the trading day and reclaimed the price drop.  The Emini Futures closed at 1011.50, up 8.25 points.  The close marks the highest for the year, and the highest close since October 13th of last year.  Today’s 14 point range was just under the average of 16.1 points, and volume was average at 1.82 million contracts.

S&P 500 day trading, rare diverging wedge, aug 13 live trade room

 

S&P 500 day trading course, we can see an Elliot wave approaching a bearish trendline in a bear channel (S&P 500 emini futures coach) Joel Wissing shows how
these patterns could play out.
using fibs butterfly w reversal

Focusing on the volume pattern and the wide ranging bars on the top side consolidation in the blue ellipse.

If we break through here taking this to 1044 area, then the 1st leg down could be to 830 area unless the retracement is to the 76.4 which would be again around 790.

If 5 extends to a 100% extension of the first leg then we are looking for 1140 as a high.
Doubt it.
865 – 75 would be a major area of support on the way down and could see a week of consolidation before continuing.

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