S&P 500 Emini Day Trading Gap Tuesday January 19, 2010

S&P 500 Emini Day Trading Gap Tuesday January 19, 2010

S&P Emini 500 Futures gapped down 1.75 points Friday morning.  The gap down preceded a morning sell off that took the index to a low 1127.50 by 1:00 pm.  Prices found support at that level.  The index has actually tested the 1127.50 level three times since January 7th, and has provided support each time.  Look for a break down if prices fail below that support.  Earnings season begins in earnest, with big players (IBM,C, CSX, BAC, GOOG, GE, and others) reporting this week.  The market is still seemingly very news driven, and earnings surprises either way could provide plenty of volatility for this shortened trading week.