S&P 500 Day Trading Feb 25, 2010 Support and Resistance

Today, the S&P 500 opened 1096.75, leaving a 3.25 point gap from yesterday's close. The market quickly made a move up past 1100, but then even faster than it rose, dipped down to the day's low of 1093.75 after news of new home sales, filling the gap from yesterday. We then saw a quick climb back mid-morning up to 1105, with help from a bit more news and eventually hitting the high for the day at 1105.50. The range for the day was 11.75. The market closed at 1103.50.

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S&P 500 Emini Day Trading Gap Thursday February 25, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2063" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Thursday February 25, 2010"][/caption] S&P Emini 500 Futures opened up 3.25 points this morning.  News reports took and gave today.  The new home sales report created an initial sell off, filling the gap, then government officials testimony brought the index back into the opening range.  Traders supported the index at the 1100 level in the last hour of trading, and the close came at 1103.50, up 10 points.  The up closing came on average volume,. but it should be noted that today's action was inside yesterday's candlestick.  So far, the technical support at 1092 is holding, with some excursions around the psychological support at the 1100 level.  More Bernanke testimony, along with jobless claims in the pre market should cause market reaction in these news driven moves.  Who knows which direction?

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Market Makers - Fed Ron Paul access records.

Ron Paul sounds a bit off asking for these records, but once in he might be able to receive more. Also questioning about Fed bailing out Greece and buying foreign debt.

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