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

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2077" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Wednesday March 3, 2010"][/caption] 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 Day Trading Course Gap for Mar2, 2010 Support and Resistance

With yet another weak volume move up prices moved through the previous resistance high of 1112 and into the 1115 area.  Prices closed trading for the day at 1114.00 after trading a consolidated 8.75 point range though the day.  The lack of commitment on these moves up through resistance make it probable that they will retrace back down for another test on support.    Where that will be depends on how high these prices float before market makers decide to sell off.  Be careful, there is still more tight ranges and slow moves to come. 

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