An Upper Gap Is Back!
CME Futures Shows Upper Gap
Ever since the new ATH was put in, CME Futures has been real slim on Upper Gaps. Yesterday the CME Futures Closed at $61,975 but the Open today was only $61,255. The CME Futures were able to trade to a High so far today of $61,450 but this is well short of the $61,975 needed to fill the gap.
Be mindful of this Gap as I can start to see some Traders swing their opinion from Upside to more Downside. These intra-gaps tend to get filled inside of a day or two and for the Traders looking to go Short – that could be a great entry. On the other hand, for Traders that are looking to get long, a confirmation after the gap closes could be your entry.
Remember that just because one Trader is going Long and one Trader is going Short – that does not mean they are both right or wrong – it all comes down to their strategy, what type of Trader they are and what Trading Plan do they have and are looking to execute.
We cover all of that and more in the very beginning lessons because it is so vital for New Traders to understand.
The next closest Gap is a lower Gap and it sits at $32,270.
With a HIGH so far today of $62,270 – we can safely say that the Upper Gap has now been filled.