S&P 500 Emini Day Trading Gap Thursday January 28, 2010

S&P 500 Emini Day Trading Gap Thursday January 28, 2010

S&P Emini 500 Futures spent the day responding to various news events.  The index finished up 5.50 points on above average volume.  Today’s action essentially neutralized yesterday’s down day, and gave the Emini’s the first up day in the last six days.  Tomorrow may bring more news driven action.  The always important jobs reports are due pre market, and there may be reaction to the President’s State of the Union address this evening.  Watch for a close below the 50 period moving average, 1087, as a bearish signal.  Below that level the next support would fall at 1050.  Next would then be down to 1013.  That’s where support can be expected at the 200 day moving average.