S&P 500 Emini Day Trading Gap Friday December 18, 2009

S&P Emini 500 Futures gapped down 7.75 points this morning, and the gap remained all day.  Thursday’s are purported to be one of the higher percentage days for a successful gap fill, but not today.  The index stayed in a narrow 8.75 point trading range today, much like recent days.  The action today, if it can be called that, filled one of the recent underneath gaps from Wednesday, December 9th close of 1090.50.  Prices dipped to a low of 1090.75, which is within a tick of the prior gap.  That’s close enough to call the gap filled.  Daily volume was above average, surprising for the lack of volatility.  For those who plot bollinger bands on a daily chart,  the chart shows an ever compressing inner and outer band.  This indicates indecision in the market place, and is typical of pricing leading into the holidays.  Most likely, trading will stay constricted until after the first of the year.  Look for pricing to remain within the confines of the bollinger bands, a high of 1115, a low of  1086, until after the first of the new year.