S&P 500 Emini Day Trading Gap Wednesday February 24, 2010

S&P 500 Emini Futures Day Trading THE GAP

S&P Emini 500 Futures had a 3 point gap down at the open, then filled within the next 25 minutes leading into the 10 a.m. report. Traders reacted with shock and dismay at the consumer confidence report. A sell off ensued that pierced and found support at the 50 day moving average. The selling paused briefly at the 1100 level, then continued to the day’s low of 1090.25. After the cash market close, a rally off of the bottom moved prices back towards the 1100.00. There is often a bounce up after this type of news driven sell off. Volume was above average today, so the move down had conviction. Tomorrow’s news may bring yet another direction for the Emini futures. Expect a retest of the 1100 price resistance at the very least tomorrow.