S&P 500 Emini Day Trading Gap Tuesday March 9, 2010

S&P 500 Emini Futures Day Trading THE GAP

S&P Emini 500 Futures opened at the Friday close with no opening gap.  Trading was very light, the day’s total volume was 1.18 million contracts.  Normally, a good trading day would have that many trades in the first hour.  The close for the day just about equaled the open, and did equal Friday’s close of  1137.75.  The doji close, the light volume, the new recent daily high points to a market in decision.   If the short term up trend continues, look for a test of the January high of 1148.  There seems to be little conviction for movement either way however.  The next news event of any magnitude will most likely provide the catalyst for determination of market direction.