S&P 500 Emini Day Trading Gap Tuesday January 26, 2010

S&P Emini 500 Futures opened up 9.75 points this morning.  Pricing dipped down within 1.75 points of filling the gap, but never got down to Friday’s 1088.00 close.  Action on the day was inside yesterday’s range and came in on lower volume.  Pricing came within 2 ticks of testing the 1100 level before failing towards the lower end of today’s narrow 9.75 point range.  More important earnings reports remain this week, and traders seem to be in a wait and see mode.  Prices need to break through the 1100 resistance on volume before the current four day downtrend can be broken.