S&P 500 Emini Day Trading Gap Tuesday December 8, 2009

S&P 500 Emini Day Trading Gap Tuesday December 8, 2009

S&P Emini 500 Futures had no gap this morning.  Since December 1st, prices on the index have revolved around 1105 level, alternating between support and resistance each day.  Friday that level became resistance much of the trading day.  Today that level provided support until the last hour and a half of trading.  The index broke through the support, then made a tepid attempt to retrace to the new resistance level.  Prices fell short, closing at 1103.25.  Volume was below average, and the range was 10.5 points.  Support on the day came at the low, and a psychologically important price, 1100.00.  It seems to take news to inject volatility into the market, and there was no news of consequence today.  Today’s Bernanke testimony failed to yield any significant movement, and the next important U.S. reports will be Thursday.  Hopefully, the market will gain some direction before then.