S&P 500 Emini Day Trading Gap Wednesday December 2, 2009

S&P Emini 500 Futures gapped up 10 points this morning.  The index stayed in a relatively narrow range of 9.50 points.  Volume was just below average at 1.83 million contracts.  Today’s pricing again tested and pierced the 1111 level, but market direction is still hard to determine.  The short term moving averages are beginning to bottleneck on the daily chart, but still have an upward bias.  The index has been in consolidation for more than two weeks.  The horizontal congestion will ultimately build to a determination of market direction.  The longer the consolidation lasts, the more dynamic the break out or break up could be.