S&P 500 Emini Day Trading Gap Friday July 10, 2009

S&P Emini 500 Futures spent today in a relatively narrow, below average volume, 10 point trading range.  The day  began with a 6 point gap up with the 881.25 open, but filled in the first 20 minutes of trading.  Prices retraced about 75% of the drop at 10 a.m., then dropped to the low of the day, 874.25.  Three hours later, after a slow, congestion riddled ascent, prices reached the day’s high of 884.50, then tumbled.  The Emini’s finished the day at 877.00.  Support at around 875 still holds up the right side of the daily chart head and shoulders pattern as depicted by Joel on the blog.