S&P 500 Emini Day Trading Gap Thursday February 25, 2010

S&P 500 Emini Futures Day Trading THE GAP

S&P Emini 500 Futures opened up 3.25 points this morning.  News reports took and gave today.  The new home sales report created an initial sell off, filling the gap, then government officials testimony brought the index back into the opening range.  Traders supported the index at the 1100 level in the last hour of trading, and the close came at 1103.50, up 10 points.  The up closing came on average volume,. but it should be noted that today’s action was inside yesterday’s candlestick.  So far, the technical support at 1092 is holding, with some excursions around the psychological support at the 1100 level.  More Bernanke testimony, along with jobless claims in the pre market should cause market reaction in these news driven moves.  Who knows which direction?