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S&P 500 Emini Day Trading Gap Friday August 7, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

SP 500 Emini Day Trading Gap Friday August 7 2009 S&P 500 Emini Day Trading Gap Friday August 7, 2009sp 500 day trading course
S&P 500 Emini Day Trading Gap Friday August 7, 2009

S&P Emini 500 Futures gapped up 4.75 points to open at 1004.50, but prices started down after the first 5 minute candle closed.  By 9:50, the gap had filled and prices continued to drop to find support at 992.75.  Traders retraced 50% of the drop with higher highs but decreasing volume.  That’s usually a bearish indication.  The Emini futures dropped and once again tested within a tick of the 992.75 support.  The double bottom came during the lunch break at 12:20 and a low volume rally retraced to 997.75, then dropped through support to find the day’s low of 989.75.  Notice how the volume increased at the 2 o’clock reversal.  That’s when the traders got back into the mix, and prices hit the prior support as resistance.  The last hour of trading prices punched through the resistance and finished the day at 994.50, down 5.25 points.  The chart is a little cluttered, so here are the open gaps remaining underneath the current levels:

Open Gap from Friday July 31 Close 983.50

Open Gap from Wednesday July 29 Close 972.25

Open Gap from Tuesday July 14 Close 902.00

S&P 500 day trading course Aug 6-7 levels live trading room

 

S&P 500 day trading course looking at the consolidated range on the S&P 500.
Support could hold and we will be in a tight range, if there is a break out to 1015 area with an extreme high around 1044. Don’t think it will happen. On the downside looking at a lot of support around the 20 ma.

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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