S&P 500 Emini Day Trading Gap Tuesday December 1, 2009

S&P Emini 500 Futures opened .75 points higher than the Friday close, but the small gap filled in the first five minutes.  Today’s trading was mostly sideways, with the index testing the day’s high to form a double top at 1096.50.  The day’s range was just 11.50 points deep on average volume.  The daily chart candlestick is a doji, and occupies a very small portion of the mid range of Friday’s trading.  If the double top fails to the downside overnight and tomorrow, it could prove to be a bearish signal.  The last test of that level was on huge volume during the final 5 minutes as traders bailed out at the top of the day’s range.  Today is only the second day in the last 11 that the index has not tested at or close to the 1111.00 level.  Look for a break out above the double top and a close above that 1111 level as bullish.