S&P 500 Emini Day Trading Gap Tuesday November 10, 2009

S&P Emini 500 Futures gapped up at the open 8.50 points and never filled on the day.  The market has closed up each of the last 6 days and has established a narrow up trend.  The strong up move today was on slightly below average volume.  The average appears to be moving back into over bought territory.  Volume for this week may tend to be on the low side. Wednesday is Veteran’s Day.  The markets will be open, but expect light trading action on the holiday.  Intra day the index stayed bullish and gave the short side of trading few chances to profit.  Today’s gap is added to a list of underneath open gaps, the lowest of which is just above the 900 level.  Even with a retest of the October high of 1099.00 looming, consider the possibility of a pull back to at least the 900 level over the next couple of months.