[/caption] S&P Emini 500 Futures took about 30 minutes to fill the morning 6.75 point gap down. Prices rallied up towards the 1165.00 resistance area, but never quite got there. Traders are looking for some volatility to reenter the market. Volatility, as measured by the VIX indicator, has come down very rapidly since the 96.40 high of October 2008. Currently reading 16.87, the VIX is approaching multi year lows. As prices go up, the VIX goes down. The current volatility decrease is the highest percentage decrease since the VIX was started in mid 2000. That means, for day traders, the probability of a downward correction is significant. If there is a big correction, look for initial long term support at the 1010 level, with the 900 level a definite possibility. S&P 500 day trading course
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