S&P 500 Emini Day Trading Gap Friday September 4, 2009

S&P 500 Emini Day Trading Gap Friday September 4, 2009

S&P Emini 500 Futures opened at 999.25 this morning, a 5.75 point gap up.  Prices moved sideways until the 10 o’clock news was published, then the index dropped 10 points in 25 minutes.  Over the next 3 hours, prices retraced 76.4% of the morning move, then dropped back to the mid point of the move.  The final hour of trading saw a rally that took the index back through the open and marked the day’s high, 1003.25, in the last 5 minutes.  The close of 1001.25 was near the day’s high, and ended the session in “overbought” territory.  From low, 991.25 to the high the day’s 13 point trading range was below average, and volume was well below the 50 day average of 1.8 million contracts coming in at 1.4 million contracts.