Tuesday, February 16, 2010

S&P 500 Day Trading Feb 17, 2010 Support and Resistance


Today the S&P 500 opened at 1083.50, giving a gap of 8 points from Friday's close at 1075.50. Over the 3 day weekend, the market shot up quite a bit and throughout the day continued to do so. After a bit of short term consolidation around the 1087-1088 mark, the S&P 500 was able break though some resistance and continue it's mark up. The market closed today at  1092.50 with a range of 14.25. The low for the day was 1079.50, which was early on during the trading hours. The gap was never filled in today's trading session, leaving an open gap at 1075.50. The high for the day was 1094, the highest we have seen the S&P 500 since February 4th. Look for resistance again at the magical number 1100.  It will take some significant news to break through and sustain this up move.

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S&P 500 Emini Day Trading Gap Wednesday February 17, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2044" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Wednesday February 17, 2010"][/caption] S&P Emini 500 Futures opened the shortened week with a gap up 8.25 points from the Friday close.  The index retreated briefly, but then began a bullish run up leaving the gap unfilled.  Traders never exhibited massive conviction to the up side until the last 30 minutes of the trading day.  Until then, prices had stayed within a 4 hour congestion zone.  At about 3:30, prices popped through resistance at 1089.75, and closed at 1092.50.  Tomorrow's news may dictate whether or not the Emini Futures continue the climb up to the 1100 level.  Two pre market reports, and the always important Fed Meeting minutes at 2:00 pm will have a large influence on this news driven market.  Volume was average at 1.76 million contracts, but less than last week's 2-3 million contract days.  The push higher on less volume also may suggest lack of conviction to the upside.  The index looks to test the 1100-1105 area. This Friday is options expiration, and that is typically preceded by bullish action.  A test of the 1100 level this week is very possible, and action from there will likely show which direction the market will take over the longer term.

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Bomb went off in JPMorgan Athe...

Bomb went off in JPMorgan Athens office, no injuries - AP #fx $fx #eurusd

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