S&P 500 Emini Day Trading Gap Monday December 7, 2009
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures gapped up 14.25 points after a heavy volume pre market action. Over 460,000 contracts had traded by the opening bell. Nonfarm payroll and employment news at 8:30 drove the early action. The index continued higher over the next 30 minutes, but by 11:00 broke through the support of the opening candlesticks and filled the gap. Traders managed to bring the index back to a level approximating what had been support levels over the prior two days of trading. The close at 1105.25 falls right at that resistance level. Total volume on the day was heavy at 2.9 million contracts, almost 1 million contracts above the 50 day average volume. The weekly chart showed a bullish finish after two consecutive dojis over the prior two weeks. On a weekly basis, the moving averages are stacked in a bullish sweep on the intermediate term. Long term averages still show bearish. Should next week’s trading close above this week’s high of 1119, it may be that a Santa Clause rally is in progress.
Comments
No comment yet.