S&P 500 Emini Day Trading Gap Friday March 12, 2010

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S&P 500 Emini Day Trading Gap Friday March 12, 2010

S&P 500 Emini Day Trading Gap Thursday March 11, 2010

S&P Emini 500 Futures had a small gap that filled quickly Thursday morning.  Today’s action tested, but did not pierce the high since the March 2009 low.  That high, 1148 is also the 2010 high.  Volume was above average today as the index closed up for the ninth day in a row.  A solid, sustained move above 1150 indicate a possible resumption of the up trend that started last March.  The index appears overbought, however, and continuation of this most recent move appears unlikely, at least in the near term.  Jobless claims tomorrow pre market may provide a catalyst for an indication of direction moving into options expiration next week.  Remember, tomorrow is the transition day into the June 2010 contracts.  Many traders watch the time and sales indicator, and switch to the new contract when volume swings in that direction around mid day.

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S&P 500 Emini Day Trading Gap Thursday March 11, 2010

S&P 500 Emini Day Trading Gap Wednesday March 10, 2010

S&P Emini 500 Futures gapped down at the open, but filled in the first 30 minutes of trading.  Today is the one year anniversary of the S&P Emini 500 Futures low of 670.75.  The futures have gained 71% since March 9, 2009.  Some volume came back into the market today, with volume coming in at 1.76 million contracts, just under the 50 day average of 1.91 million.  Daily charts indicate an overbought condition as the index slowly moves to perhaps challenge the 2010 high of 1148.  This week’s trading volume is diluted as traders change to the June 2010 contract from the March contracts.  This Thursday should see volume move from the 03-10 contracts to the 06-10 contracts.  Watch time and sales indicators to see which contract yields the most volume on that day.

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S&P 500 Emini Day Trading Gap Wednesday March 10, 2010

S&P 500 Emini Day Trading Gap Tuesday March 9, 2010

S&P Emini 500 Futures opened at the Friday close with no opening gap.  Trading was very light, the day’s total volume was 1.18 million contracts.  Normally, a good trading day would have that many trades in the first hour.  The close for the day just about equaled the open, and did equal Friday’s close of  1137.75.  The doji close, the light volume, the new recent daily high points to a market in decision.   If the short term up trend continues, look for a test of the January high of 1148.  There seems to be little conviction for movement either way however.  The next news event of any magnitude will most likely provide the catalyst for determination of market direction.

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S&P 500 Emini Day Trading Gap Tuesday March 9, 2010

S&P 500 Emini Day Trading Gap Monday March 8, 2010

S&P Emini 500 Futures left an open gap Friday. Out of town so minimal commentary.

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S&P 500 Emini Day Trading Gap Monday March 8, 2010

S&P 500 Emini Day Trading Gap Friday March 5, 2010

S&P Emini 500 Futures should have a big day tomorrow. The non farm payroll will be released pre market Friday, and that usually results in high volatility as traders attempt to digest the impact of the numbers. Often, the best advice is to stand aside initially and let things shuffle out.

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S&P 500 Emini Day Trading Gap Friday March 5, 2010

Watching for a head fake then a counter move to give us the momentum to break out.

1124 target or 1114 target.

Higher low points to higher high but the symetrical pattern into the break out is either direction.

2:00 could be the key. Gap closed for the day.

S&P500 day trading H&S

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S&P500 day trading course mid day head and shoulders

S&P500 day trading course levels of support and resistance. Looking for support at 1102.75 and extreme high of 1125.

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S&P500 day trading course live room charts

S&P 500 Emini Day Trading Gap Thursday March 4, 2010

S&P Emini 500 Futures took most of the day to fill this morning’s 3.50 gap up.  Volume was lighter than average as many traders appear to be waiting for Friday’s non farm payroll numbers.  Direction will probably remain sideways until the report is issued.

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S&P 500 Emini Day Trading Gap Thursday March 4, 2010

S&P 500 Emini Day Trading Gap Wednesday March 3, 2010

S&P Emini 500 Futures had another unfilled gap today.  The opening gap was 5.25 points, and the average fell to within 1.25 points of filling.  The chart marked the third up day in a row, but market action suggests the up move is running out of steam.  Volume was below average, and the depth was a narrow 7.50 points.  Expect traders to begin marking time awaiting Friday’s employment numbers.  Non farm payroll will be released Friday pre market, and that news is almost always expected to inject added volatility into Emini Futures trading.

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S&P 500 Emini Day Trading Gap Wednesday March 3, 2010