Sunday Night Globex Open - we closed the #SP500 #Emini #Futures
on Friday @ 1917.00 and opened tonight @ 1919.50 for a slight Gap Up open. Volume so far in the first 43 minutes of trading is 8,819 contracts.
As you recall from Friday's Radio Show, we mentioned that 1920 was an important number and how on the Sunday night Globex session we would look to see if price was either above or below to give us some indication of strength or weakness in the market. While we opened 2 ticks below the number, initial trading has pushed us to a high of 1922.75. We are now 47 minutes into the session as I type and volume is now @ 8.950 contracts.
Nothing out of the ordinary so far. Bulls have the ball at the moment. Any hourly close below 1919 puts the ball in Bear hands. Should that happen we would anticipate buyers to step in early at 1912, put up a stronger defense at 1910. Any move below 1905 turns this into a sellers game and we would look to sell any rally until further notice.
For now, patience is the key as we simply wait and see.
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