S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Tuesday March 2, 2010

S&P Emini 500 Futures left a 4.25 point gap up open today.  The trading range was narrow, and volume was below average.  Even though the index closed up 11.25 points, the move up lacked conviction.  There does seem to be a hint of upward movement relative to the shorter term moving averages, but the lack of conviction and volume today casts doubt on a strong up trend being reestablished.  The most recent weekly candlestick closed in a doji formation.  This week will have to move higher with a close above 1113.00 on good volume before continuation of  a 3 week up trend can be verified.  A move in the coming weeks through the January high of 1148 will indicate a continuation of the up trend that began in March of 2009.