Thursday, April 5, 2012

Opening Indications

 DIA 1 min positive on the open, the red box is the opening gap.

The DIA bigger Gap

 QQQ 1 min positive on the open has filled today's gap

QQQ Gap created from yesterday

SPY 1 min positive on the opening, hasn't quit filled this a.m.'s gap

SPY Gap from yesterday.

The question remains whether the market ha enough pep to back and fill in to these gaps. If not, it could set up a very bearish breakaway gap situation.

Traders will likely start to move out of positions later this afternoon, probably earlier then usual as many take off early for a long weekend and they won't want to hold too much risk with the NFP print tomorrow while the market is closed. I would expect that selling will start early, maybe as early as 12 pm, but should be in effect by no later then 2 pm.

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