WOW! There was quite a large and amazing turn-around in the market today, and the Bears were really in total control the entire day, as the marketed plummeted.

The extensiveness of this downturn may have come as a shock to a lot of traders, especially since there were only a couple of small retracements to the upside all day long. The total trading range, and the difference between the open and close, were much larger that we have seen in several months. And the trading volume was also higher than we have seen in a long time.

The regular news this week (including today) has been mixed, and not all that bad. So, was it the tense situation in Egypt that caused this, or ????

The market closed down over 24 Points for the official trading day, with a trading range over 28 Points, on a much larger volume than we have seen for quite some time of over 3.2 million contracts traded.

The market opened today at 1297.50 and closed at 1273.00.

The trading range was from a high of 1299.50 (shortly after the opening) to a low of 1271.00. So, I guess the Bears were really adament about not letting the market get above the psychological 1300 mark.

To get even close to what happened today, you have to go all the way back to August 27, 2010 when the market had a 10 Point gain for the day (to 1063.75), and the trading range was 27 Points. But you have to go WAY back to July 7, 2010 to exceed what happened today, when the market that day gained almost 30 Points (to 1055.75), and the trading range was just over 30 Points.

Three open gaps to the downside from January were all filled today. Those open gaps had been at 1287.75, 1277.25, and 1271.00.

All the remaining open and unfilled gaps are still to the downside, and many of them are still WAY down there. Two fairly recent open gaps exist from late December at 1253.25 and 1242.50 And there are two open gaps to the downside from about two months ago now at 1205.25 and 1181.00. The rest of the open gaps are all much older, anywhere from over three months to over six months old now, and exhibit a remarkable range at 1161.25, 1132.25, 1119.50, 1103.50, 1097.75, 1091.00, 1088.75, 1065.00, 1047.00 and 1023.00. In fact, the open gap at 1023.00 was the market close on July 6, 2010, the day before the last huge move in the market that I mentioned above.

It will be interesting to see what happens starting next week! But based on what happened today, please be particularly careful out there!   ;-) 

Good luck, have a great weekend, and always trade only what you see.

The Bears were really in total charge today for the first time in quite awhile. The extensiveness of this downturn may have come as a shock to a lot of traders, especially since there were only a couple of small retracements to the upside all day. Much different than what we have seen lately.

The market was down all day long, and the market closed down over 12 Points for the official trading day, on a much larger volume than we have seen for quite some time of over 2.3 million contracts traded.

The market opened today at 1290.00 and closed at 1277.50.

The trading range was from a high of 1291.25 (shortly after the opening) to a low of 1275.00.

All the open and unfilled gaps are still to the downside, and many of them are WAY down there. The most recent open gap is from last Tuesday at 1271.00. Two fairly recent open gaps exist from late December at 1253.25 and 1242.50 And there are two open gaps to the downside from well over a month ago now at 1205.25 and 1181.00. The rest of the open gaps are all much older, anywhere from almost three months to over five months old now, and exhibit a remarkable range at 1161.25, 1132.25, 1119.50, 1103.50, 1097.75, 1091.00, 1088.75, 1065.00, 1047.00 and 1023.00.

Tomorrow’s trading could see prices make a move to retest the 1275 area, with 1272 and 1269 as the next levels to watch for if it continues to proceed downward.  The upside could see prices move to the 1284/1285 area with 1290 being the next level to watch for on the upside.

Good luck, and always trade only what you see.

The Bulls were really in total charge today, and the Bears seemed to have no chance of preventing their upward advance.  The market was up all day long, with very few (and very small) retracements, and the market closed up over 11 Points for the official trading day, on low to mediocre volume of about 1.8 million contracts traded.

The market has now hit new highs in both the trading range and closing price, as the December and January rally continues, to levels that the market has not seen in a long, long time.

The market had been in a short-term Bearish channel for the last few days, but that trend line was broken with a lot of room to spare today. But these are very lofty levels, so what happens next is anyone’s guess. It should be interesting to say the least.  

The market opened today at 1261.00 and closed at 1272.50.

The trading range was from a low of 1260.75 to a high of 1273.75.

All the open and unfilled gaps are to the downside, and many of them are WAY down there. Two fairly recent open gaps from late December exist at 1253.25 and 1242.50 And there are two open gaps to the downside from just over a month ago at 1205.25 and 1181.00. The rest of the open gaps are all much older, anywhere from almost three months to over five months old now at 1161.25, 1132.25, 1119.50, 1103.50, 1097.75, 1091.00, 1088.75, 1065.00, 1047.00 and 1023.00. Quite a remarkable range.

Good luck, and always trade only what you see.