S&P 500 Emini Day Trading Gap Wednesday April 7, 2010

S&P 500 Emini Futures Day Trading THE GAP

S&P Emini 500 Futures opened down 3.25 points Tuesday morning.  The days trading not only filled the morning gap, but yielded another new high for the year.  The Emini Futures seemed to be heading to the 1200 level, but doing so on light volume.  A below average 1.4 million contracts traded today.  Continual new highs on light volume portend a correction to the downside.  Today’s Fed meeting minutes provided a little volatility.  The pre-announcement resistance at 1184.50 became support in the afternoon session.  With 9 unfilled gaps lying underneath the current trading level, and with new highs occurring on light volume, look out below.  The overbought condition still exists,  with 1170 looking to provide some short term support.  Any news driven uncertainty could provide the catalyst for a drop.