S&P 500 Emini Day Trading Gap Monday August 3, 2009

S&P Emini 500 Futures opened within a tick of yesterday’s close at 982.25, so, no gap today.  Trading all day was sideways within a 7-8 point range that stayed mostly inside the lower two thirds of yesterday’s range.  I’ve included yesterday’s trading on the chart to show the overhead minor downtrend from the Thursday high.  Today’s high was 990.50 that printed on the 3:30 p.m. candlestick.  From there, a sell off took prices to the low end of the range, and the close of 983.50 was up a point from yesterday.  Nevertheless, today’s daily candlestick shows as a doji.  That’s two dojis in the last three days.  Perhaps the market is in decision.  Volume was slightly above average at 2.0 million contracts.

S&P 500 Emini Day Trading Gap Friday July 31, 2009

S&P Emini 500 Futures had a big 11.50 point gap up this morning.  The open, 983.75, erased the open gap from Tuesday’s close, but created a new one since today’s gap never came close to filling.  Today’s low was marked in the first 20 minutes of trading at 981.50.  Prices rallied over the next hour, got to the day’s high of 994.00, then settled into a 5 point range that lasted until the last 20 minutes of the trading day.  A sell off brought prices back down to slightly below the opening price, and closed at 982.50.  Although the day’s trading range was 12.50 points, most of the action took place in the upper half of the range.  Volume was above the 1.88 million contract average at 2.2 million contracts.

S&P 500 Emini Day Trading Gap Thursday July 30, 2009

S&P Emini 500 Futures opened Wednesday with a gap down of  7 points at 969.50. Prices moved lower then attempted to fill the gap.  Traders got the price to a 76.4% retracement, 975.00, but that proved to be the day’s high and the gap went unfilled.  Over the next hour, prices formed a pennant type formation with a series of lower highs and higher lows.  The 11:15 candlestick tested the descending resistance line but failed.  The next candle breached the prior low, and provided direction to the downside for about a 4 point run.  Prices remained within a sideways moving range for the rest of the day, with the close coming at the high end of the range at 972.25, down 4.25 points.  The day’s total trading range was a narrow 8.75 points and volume was average at 1.84 million contracts.