S&P 500 Day Trading March 2, 2010 Support and Resistance

Today the S&P 500 opened at 1107.25. With the market closing on Friday, Feb 26 at 1102.75, we saw a 4.5 point gap up. This gap was not filled, as the market moved up for most of the day, never sinking far below the open with a low of 1106.75. The high for the day was 1115.50. This gives a range of 8.75. This tight range is below average, and shows that we are in a bit of consolidation. Look for a breakout coming soon. The market closed the day of trading at 1140.00

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S&P 500 Emini Day Trading Gap Tuesday March 2, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2072" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday March 2, 2010"][/caption] S&P Emini 500 Futures had a big 6 point gap down Thursday morning. Action rallied to come back to within a point of yesterday's close but never quite got there. There was high volume action today that yielded little change. Total volume was a well above average 2.7 million contracts. Trading range was 18.25 points, deeper than the average. true range of 15.0 points. The 1102.00 close makes the daily candlestick finish as a doji formation. That reflects a market in decision. Trading has hovered around 1100 for the last few sessions.

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market wrap up

Forex trading market wrap up. • Eurozone Manufacturing PMI (Feb) came out at 54.2 (54.1 expected, 52.4 prior) • Eurozone Unemployment (Jan) was stable at 9.9% (10.1% expected, 9.9% prior) • UK PMI (Feb) better than forecast at 56.6 (56.1 expected, 56.6 prior) • UK final Money supply (Jan) +0.4% m/m +4.9% y/y (-0.9%/6.6% prior) • Swiss PMI (Feb) posts stronger 57.4 print (56.0 expected, 56.0 prior) • Canadian quarterly GDP (Q4) beats estimates at 5.0% (4.2% expected, 0.4% prior) • US ISM Manufacturing weaker than expected at 56.5 (58.0 expected, 58.4 prior) • ECB Stark and EU Commissioner Rehn to meet Greek officials in Athens • EU's Juncker said "would act against market speculation if it ignores Greek reform efforts" • Greek Prime Minister stated "fiscal crisis only tip of iceberg", "has reached dramatic dimensions" • Greek Finance Minister said government will do whatever it takes to cut budget, new measures if needed

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