S&P 500 Emini Day Trading Gap Tuesday November 17, 2009

S&P Emini 500 Futures gapped up 7.75 points this morning and the day ended with an unfilled gap.  Today’s action was bullish, with the index touching a new yearly high, 1112.25, and closing above the 1100 level for the first time since October 2008.  The big push came on average volume of about 2 million contracts.  If a follow through move above this level comes in the next three days, the market may provide another break out to the upside.  Profit taking is the more likely scenario, with prices dipping beneath the current overbought situation.  Much of the current up tick seems to be news driven.  Usually that requires a solid push into the current trend in order to sustain direction.  Five unfilled gaps now lie beneath the current price structure, the lowest at 902.00.  According to the prevailing wisdom, those gaps will fill.  No one knows when.