S&P 500 Emini Day Trading Gap: Monday October 26, 2009
S&P 500 Emini Futures Day Trading THE GAP
- S&P 500 Emini Day Trading Gap Monday October 26, 2009
S&P Emini 500 Futures gapped up 4.25 points Friday to open at 1092.75, within 1 tick of what turned out to be the day's high. Prices plunged during the morning trading with several high volume 5 minute candlesticks forming. Volume tapered off as the index entered a descending consolidation in the afternoon. A Friday afternoon volume spurt brought the close at 1076.50, down 12 points. Trading volume was average at 2.4 million contracts. The index closed the week within 2 points of it's Monday open, and the weekly candlestick seemed close to forming a doji. This reflects a market still in the decision mode. The weekly chart is still in overbought territory, and the market seems to favor a decline. Earnings reporting season is starting to wind down, and the realities of the country's economic situation may override the effects of some of the positive reports.
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