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Monday
Apr302012

Emini Futures | Trading The Gap

(QQQ)(DIA)(SPY)(GLD)(SLV)

The S&P 500 Emini Futures gapped higher on the Globex open Sunday Night but failed to take out Friday's high on two attempts. The second failure led to lower markets into the Wall Street open and also triggered the Tweet we issued last night shortly after the session began. Today's high was 1397 on the day session and the low was 1389.75. Price rallied off the low to 1396.25 but has begun to show some weakness during the Asian session. Eurex markets are closed tomorrow. May Day is an official German holiday.

Trading The Gap

Tonight's trading tip is brought to you by our friend and co-host Mike Reed.

A gap up or gap down open is an emotional move, and often it will reverse course and turn in to a "trap open". Gaps that are less than 4 points on the SP Futures tend to get filled in the same day, especially Tuesday through Thursday.

Turns will occur within 20 to 40 minutes after the open. A trader must be on the lookout for a reversal as soon as early momentum is lost.

A gap into a good support / resistance zone is almost always a good "fade" - with stops no more than 1 point on the other side of the support / resistance zone.

A "fade" is simply entering a position opposite of the direction of the gap. If the market gapped down, a "fade" would be entering a long position (buying) in to the sell off.

If you have questions for Mike about  tune in to our Daily Live Broadcast M-F 12-2PM Eastern.

 

S&P 500 Emini Futures

Tonight's video recap contains a mathematical flaw. Can you spot it?

ES Emini Futures 04/30/12

 

Last night we issued a Tweet to consider selling 1395 Stop. Price dropped to 1389.75 for a potential maximum gain of 5.25 points. As we move from Asia to the European session tonight keep in mind that the London Stock Exchange as well as many other markets across Europe will be closed or have an abbreviated session in observance of May Day. Watch 1395 for any sign of weakness and consider being short below that level. Here is the chart of last night's Tweet - 

 

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Emini Podcast for Monday 04/30/12

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