In this post:
1. Market Commentary
2. Support and Resistance Levels
3. December Mini S&P 500 Continuous Futures chart
4. Economic Reports
1. Market Commentary
FRONT MONTH FOR EQUITIES AND BONDS IS DECEMBER
SYMBOL FOR DECEMBER IS Z
When looking at the pit SP 500 ( or what some call the “big SP” as each point is $250 or one big SP = 5 emini sp….) what we see is plenty of GAPS.
These GAPS are a result of overnight moves ( the PIT SP follows the cash stock index of SP500, which is the underlying asset for the future contracts. It is one of the reasons that GAPS on the SP are watched by certain traders and there is a saying ” all GAPS get filled” and if I may add, the question is really when….
Below is an SP500, pit session, hourly chart for your review. I marked the few gaps we had recently with circles. The diamonds that appear are my condition/ ALGO that I have programmed and in this case, the red diamond alerts me for a potential sell for the night session/ early trading tomorrow. Read the rest of this entry »
