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

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2060" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Wednesday February 24, 2010"][/caption] 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.

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S&P 500 Emini Day Trading Gap Tuesday February 23, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2057" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday February 23, 2010"][/caption] S&P Emini 500 Futures began the last week of February with a 4 point gap up. The high of the day, 1111.00, was hit in the first 5 minute candlestick. The index filled the gap in the next 10 minutes, then spent the remainder of the day in a tight trading range. Today's 7.5 point range mirrored the last portion of Friday's range. Today's 1106.75 matched the Friday close on the number. Today's narrow range and doji formation was on fairly anemic volume, and indicates a market in decision. Hopefully, the high impact news slated for tomorrow, the consumer confidence report at 10:00, will infuse some volatility into the market. Look for a dip to the technical support of 1092, or at least to the psychological level of 1100. A break below 1092 on volume may lead to a test of the 200 ma at about the 1030 level.

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S&P 500 Emini Day Trading Gap Monday February 22, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2053" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Monday February 22, 2010"][/caption]

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