S&P 500 Emini Day Trading Gap Friday August 14, 2009

S&P Emini 500 Futures opened at 1008.00 Thursday morning, a 4.75 point gap up.  Futures began a 10 point drop soon after the open.  Prices bottomed at 10:00 a.m. at 998.00, and that turned out to be the low for the day.  The reversal began right on time at 10, and retraced all of the morning’s decline and then some over the next hour.  Trading took a breather, and prices entered a period of ragged consolidation over the lunch hour before regaining some volatility at 1:00 p.m.  A big 4.75 point candlestick at 1:05 launched the afternoon session.  Prices vaulted to the high of the day, 1012.00, then settled back into the congestion range.  Sellers took the index to a lower high, 1002.50, before buyers stepped up in the last hour and one-half of the trading day and reclaimed the price drop.  The Emini Futures closed at 1011.50, up 8.25 points.  The close marks the highest for the year, and the highest close since October 13th of last year.  Today’s 14 point range was just under the average of 16.1 points, and volume was average at 1.82 million contracts.