S&P 500 Emini Day Trading Gap Thursday December 3, 2009

S&P Emini 500 Futures started the day about where it finished yesterday.  The index rallied to post a new high for the year, 1115.50, but ran out of steam and fell back into a consolidation range at the low end of the day’s trading.  The close came within .50 points of yesterday’s close, and formed a doji on the daily chart.  The index has consistently failed to break through and hold the highs of the last couple of weeks.  Without a major news event to bolster the markets, it appears that market strength to forge higher is absent.  Today’s action was lackluster on slightly lower than average volume.  The markets have been very news driven lately, and tomorrow is an important news day.  Perhaps the scheduled economic reports coupled with the testimony of the Fed Chairman will give the index some direction.