[/caption] S&P Emini 500 Futures gapped up 3.50 points this morning, that filled when prices retreated to within a tick of yesterday's close. Traders pushed the futures through the 1150 mark at 11:00 a.m. on big volume. The magic level became support, as the market tested, pierced then held above it until the close. The bearish volume spike in the last five minutes is to be expected when prices close above psychological resistance. The index is still overbought, and could experience a move below 1150. A move below, then a move back above on heavy volume could validate a resumption of the up trend begun March 2009. Volume was average at 2 million contracts. The index marked a new high for the year, and a new high since March 2009. S&P 500 day trading course
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