Vince here from Sniper Day Trading, showing an extra week end post for Friday’s session on the S&P emini’s.

I have a recap of Fridays session on the S&P’s narrow range (only 8 points) and comments on the pre-market move of the S&P futures. There seems to be a very good move under way which should carry forward into Mondays session and push the market index’s up after the open.

Just one note on the price range we are currently hitting. This is now at a very minimum, satisfied the price objective that I called for on June 9ths blog post. Over a week ago while the market had closed the session at 1051.25 I said that we were at a breaking point and was leaning for a move to the upside but was cautious of a break to new lows. With a break of the days highs at 1073 (new contract price) we will quickly be on our way to a minimum of 1122 to 1142 with taking 1132 as the middle average. Currently we are at 1126.75 in the pre-market move Sunday afternoon.

From the days close 6 trading sessions ago at 1051 to today’s price of 1126 that is a 75 S&P point move. When you take it from the break out which really confirmed the move 5 trading days ago, that is still a 54 point trading move. That move was the easy and obvious to me and is what I would be looking at if trading a small tick chart just the same. When you know how to trade small time frames, you can trade any time frame and any trading instrument. In monitoring my own calls for large moves like this, I have done amazing well. I don’t remember one big turning point that was a clear miss on these daily time frames.

I did get a little confused with the move after this one, which I did mention last week, but that did not change the direction or call of this current move. The sentiment numbers are very close to a large buy signal. The market can pull back into the S&P 1080 area and should hold somewhere in there, but if it breaks 1040 that is going to produce selling of great proportion. So, may be I should not project that far out and just focus now on the next move, which would be a move back down to the area mentioned 1080.

I would not be surprised to see a big reversal of this move up here on Mondays session. I have checked the individual Dow charts and it does look like there is resistance overhead at least for the short run. It could run up to the higher end of the range 1142 but we will just have to wait and see.  My only point right now is be on the look out for a reversal today or tomorrow back down. We should get one producing a large retracement back. I will keep you undated on what I think going forward.

Video of the small trading range on Friday’s S&P futures