S&P 500 Emini Day Trading Gap Wednesday January 27, 2010

S&P 500 Emini Day Trading Gap Wednesday January 27, 2010

S&P Emini 500 Futures opened with a short lived gap down this morning.  Today’s trading took the average to 1100.00 for a double top test of that level.  The test failed, and the market closed with a doji.  That means the market is in decision.  Traders may be waiting for tomorrows news events, most notably the Fed rate decision and the President’s State of the Union speech tomorrow night.  Volume was respectable at an above average 2.45 million contracts, but the range was a relatively narrow 14 points.  The 5 day down trend is still in tact.  Until the 1100 price is broken to the upside with volume, the market will remain within the trend.