S&P 500 Emini Day Trading Gap Friday September 11, 2009
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures opened just a couple of ticks above yesterday’s close, so we had no gap today. Prices plunged to the low of the day, 1027.50, by 9:50, then began a day long up trend. There was an hour long consolidation that began at 10:40, then the index climbed to the high end of it’s 16.5 point range. A flag formation at 2 p.m. looked bullish, but lost support at 3 p.m. The loss of support corresponded with the break in the up trend line from the 9:50 low. The index rallied in the last hour to close at the high end of the day’s range at 1043.00. The last 5 minute candlestick printed the day’s high of 1044.00. Today’s close marks the high for the year, and puts the daily chart close to overbought territory. Watch for a correction off the 6th up day in a row. The 5 minute and 60 minute intra-day charts also closed showing an overbought condition. Today is contract changeover from September to December. Tomorrow’s trading will be done on the ES 12-09.
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