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.
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