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S&P 500 Emini Day Trading Gap Friday August 21, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Friday August 21, 2009
S&P 500 Emini Day Trading Gap Friday August 21, 2009

S&P Emini 500 Futures opened at 996.00, a 3/4 point gap up that filled in the first few seconds of trading.  Prices continued down through the gap and touched the day’s low, 994.25, then retraced back up through the open within the first 5 minute candlestick.  The up trend continued until 10 a.m., where prices retraced about 50% of the morning’s move up.  The 10:20 candle broke the retracement, and took the Eminis into a 3 point deep sideways consolidation that lasted until the last 50 minutes of the trading day.  Buyers took the index through the top of the consolidation resistance in the last 50 minutes and broke through to the high of the day, 1007.75.  In the last 15 minutes, prices settled back, confirmed support at 1005.25, and closed at 1005.50, up 10.25 points.  The action today filled the overhead open gap from the Friday, August 14th close of 1002.75.  Today’s volume of 1.65 million contracts is lower than the 50 day average of 1.84 million contracts.  The 14 day average true range has crept up to 19.2 points from the early August average of just under 16 points.  That puts today’s 13.5 point range at below average.

S&P 500 Emini Day Trading Gap Thursday August 20, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Thursday August 20, 2009
S&P 500 Emini Day Trading Gap Thursday August 20, 2009

S&P Emini 500 Futures gapped down 8.50 points this morning. The gap filled with a fairly steep up trend off the open in the first 35 minutes of trading.  The first 5 minute candlestick of the day also had the day’s low of 978.00. At 10:05, the Eminis entered a ragged consolidation period that began to tighten up between 11:00 a.m. and 11:45 a.m.  The consolidation popped at 11:55 and moved sharply higher. Prices topped at 998.75 on the 1:15 candlestick, and entered tight congestion for an hour, then a narrow downtrend.  The last 45 minutes found support at approximately 992.00, then climbed to close at 995.25, up 8.25 points.  All of the day’s 22.75 point range occurred 3 hours before the final bell.  Volume on the day was above average at 2.13 million contracts.

S&P 500 Emini Day Trading Gap Wednesday August 19, 2009

 

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Wednesday August 19, 2009
S&P 500 Emini Day Trading Gap Wednesday August 19, 2009

S&P Emini 500 Futures gapped up 2.50 points to open at 980.75 Tuesday morning.  Prices moved sideways for the first 25 minutes of trading moving down a bit and hit the day’s low of 979.00.  That price within 3 ticks of filling the gap, and since there is a lower unfilled gap at 972.25, I’m not adding today’s gap to the unfilled list.  From 10 a.m. to 1 p.m. the Eminis followed a trend line up 10 points before beginning a sideways move within a 4 point deep trading zone.  The close of 987.00 was 3 points below the day’s high of 990.00.  The high was tested twice just prior to the last 30 minutes of trading.  The trading range today was lower than average at 11 points, and volume came in about 5,000 contracts below average at 1.75 million contracts.  Today’s range was inside yesterday’s range, and provided a 50% retracement of yesterday’s trading.

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