S&P 500 Emini Day Trading Gap Wednesday May 27, 2009

S&P 500 Emini Futures gapped down 7.25 points at the open, but quickly filled the gap from Friday’s close. High volume buying accelerated on the news at 10 am market time, and filled the open gap from May 20th at 901.00. An ascending narrow trading channel developed from 10:30 am to 1:00 pm market time, then prices entered an area of congestion that lasted much of the afternoon. Prices held up well in late trading closing within 2.5 point of the day’s high. Emini futures closed at 908.75, up 22.75 points from Friday’s close. One unfilled gap remains from the May 1st close of 874.00.