S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures opened the week at 942.25, a 5.25 point gap up from Friday’s close. The open filled the gap from June 12 right on the number. Prices stayed in a 4 point range until a little after 10 a.m., then fell the day’s low of 937.50. That price came within a tick of filling the morning’s gap. That’s close enough to be considered filled. Buyer’s took control and brought prices back up into the early morning trading range and beyond. The last hour of trading was spent in a 3.5 point consolidation range. Today’s close of 946.25 is the highest close of 2009, and the first close above the January high of 942.75. Volume today was light at 1.57 million contracts. Average volume is 1.9 million contracts. Today’s volume was slightly higher than Friday’s, but lower volume highs can be a bearish signal. Time will tell.
S&P 500 day trading course levels of support and resistance. Today was a fairly low volume day for the move up. 6th consecutive day that the ES has opened and closed higher giving us all green.
There is a possibility of a mid term double top appearing as you can see on the chart posted below. Watch for the approach, it will need some commitment to keep this direction.
We are on our point of control for the day on the S&P 500 emini futures 30 minute trading chart. Watch for us to test the highs and close the gap that has been left open since June 2nd. There is a good chance after five days of higher closes that we could be ending this run up. On a weekly chart we have recovered the move down that took four weeks in a single week. Quite a bounce keeping to quick rallies and the slow griding down.
If we can break through the resistance at 957.7 then 967.25 we could see another test up to the 1000 range. If so look for another 3 billion quarter for GS……..lol. Hopefully, we will see a bit of volatility in this range.