[/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. S&P 500 day trading course
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