A few things to watch for today. The futures are up in globex due to news related devaluation of the Yaun. Friday had a narrow range day, meaning that price is in a contracting phase, expansion follows contraction. Seeing the expansion in globex and the large gap up open today could lead to trend type trading for the day. Watching the first hour range can helpful for this.
Another contracting type condition is that the SP 500 emini closed around the same open area for 3 days, this also can lead to trendy conditions. With a large gap open watch how price reacts to the gap and the support and resistance areas and watch for signs of trend. Best to trade in direction of the trend. Have a great trading day.
Leslie - www.tradingliveonline.com

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