S&P 500 Emini Day Trading Gap Thursday June 18, 2009

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Futures opened trading at 907 just .75 point down from yesterday’s close. The gap quickly filled, and the opening price turned out to be about the middle of the day’s 15 point trading range. Prices slid to the low of the day, 899.25, by 10:50 market time, then reversed. At that point, buyers embarked on a 4 hour long rally that took prices to the day’s high of 914.25. During the price climb, three areas of congestion developed, each approximately 40 minutes long. Congestion at the day’s highs also represented a test of Tuesday’s late afternoon highs at about the 914 level. The test failed, and prices broke the bottom of the supporting trend line at about 2:45 market time. Prices retraced about 50% of the days move from bottom to top, and closed at 906.25. The close is down just 1.50 points from yesterday. An open gap remains overhead from last Friday’s close of 942.25.