#FX we are blind to the large ...

#FX we are blind to the large deviations, significant large events - dressing up intellectual fraud with mathematics.. #eurusd $fx $eurusd

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S&P 500 Emini Day Trading Gap Tuesday February 16, 2010

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Tuesday February 16, 2010

S&P Emini 500 Futures gapped down over 11 points at the open, and rallied back to fill the gap on good volume.  So much for the theory of low volatility and volume on a Friday preceding a holiday week end. The close for the S&P Emini 500 Futures gapped down over 11 points at the open, and rallied back to fill the gap on good volume. week was up from the prior week on nearly as much volume. The index looks to test the 1100 level, then resume the down trend to the 1025 level. That will test the 200 ma, supposedly a buying spot for institutional traders. We shall see. A move above 1100 with validation will signal a possible resumption of an up trend.

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S&P500 Emini futures support and resistance

Friday 2/12 opened at 1064.75 coming off a down trend during pre-market times. The down trend continued until the resistance area around 1060 was hit, sideways action occurred until roughly  11:00am EST when crude inventory news release occurred. A strong up trend occurred until 1072, close to the 1075 resistance line that price action hit twice this week but could not overcome. This same resistance (1075) was challenged a few hours later, but again it was not overcome. It would not be until market closing that enough buyers came into the market to break this resistance line with price reaching 1080 and then dropping. Half of the day showed a pattern of higher highs, giving a great trading channel closing at 1075.50. On long term charts higher highs were noted this last week until Friday, giving a double top possibly indicating a break of this channel. Look for possible down trend on Monday testing the strong resistance at 1060. If it breaks this resistnace the next floor i! s at 1040. Ceiling resistance lines at 1080 at 1100.

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