S&P 500 Emini Day Trading Gap Friday January 29, 2010

                              S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Friday January 29, 2010

S&P Emini 500 Futures took a dive today from a morning gap up.  The index fell 23.5 points during the morning session, then retraced 61.8% of the drop right on the number.  The last 10 minutes of the session brought the average back 50% of the retracement to close at 1080.75.  Volume was almost twice the average at 3.1 million contracts.  The range today was above average, 23.5 points vs. 18.37 points average,  The close is below the 50 day moving average, and the index may be headed lower.  Most of the big news items are finished for the week, however, there are a couple of news items tomorrow that could still influence the market.  Watch for a sustained break below 1080 with 1050 as next possible support.  There were some encouraging earnings reports from Amazon and Microsoft after the close, so there could be a bullish bounce on the favorable reports.

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