May 07 2008

Today’s Trading Look-Back - May 6, 2008

Published by John at 7:45 am under Trading After-Action

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Sorry I didn’t post this last night. My neck was bothering me sitting in front of the computer.

The market opened the day around 1400, which put it right between the 1396 point of control from Wednesday and the 1406 point of control from Thursday. That provided a great opening balance range expectation, and it’s basically what happened.

S&P 500 Futures Price Distribution Chart - May 6, 2008

As you can see, A/B/C periods filled out the 1396-1406 area, after which the market broke out into a trend day higher. I’ll admit, I didn’t really see that coming. I figured that value would probably continue down, but clearly it didn’t.

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