S&P 500 Emini Day Trading Gap Friday July 17, 2009

S&P Emini 500 Futures gapped down 2.75 points to open at 925.50.  The gap filled in the first 15 minutes of trading. The Emini futures traded within a 7.0 point range until the 2 o’clock reversal.  That trading range fell within the high end of yesterday’s trading.  Prices vaulted out of the top of the range and climbed from 931.00 to 937.75, consolidated, then popped up to the day’s high of  940.75. The last 10 minutes of trading looked like an attempt at a sell off, but the market found support at 936, then closed at 936.75.  The day’s 17 point trading range is just under the 14 day average true range of 18.38 points. The 2.19 million contracts traded was higher than the 50 day average volume of 1.93 million contracts per day.