[/caption] S&P Emini 500 Futures trading left an unfilled gap in it's wake Wednesday. Today's open was 3.50 points higher than the Tuesday close Market action continued it's bullish behavior on average volume leading into options expiration Friday. The index remained comfortably above prior resistance at 1150, and did not touched that price at all in today's trading. Today's close, 1161.75, marks the highest close for the year, the highest close since the March 2009 lows, and the highest close since October 3, 2008. That's a lot of new high information, and may confirm the overbought condition shown on most time frames. The effect of options expiration will be gone next week, and the markets may exhibit behavior that will show if a resumption of the prior rally has begun. Look for resistance at 1200, and support at 1150 for the next few trading days. Watch for volatility generated by three important reports tomorrow, CPI, Jobless Claims and Philly Fed Survey. S&P 500 day trading course
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