S&P 500 Emini Day Trading Gap Friday July 24, 2009

S&P Emini 500 Futures opened without a gap this morning.  Prices went straight up from the open until about 11 a.m.  Trading entered a 4-5 point up trending channel until about 2 o’clock market time, after hitting a high of  976.25.  Prices dipped a bit, then rallied to hit the double top at 976.50.  A 6 point sell off in the last 40 minutes brought the close to 972.25, up 21.25 points from the prior close.  Today’s 26 point range was well above the average true range of 17.  The 2.3 million contracts traded today marked the 3rd day in a row of increasing volume, and was above the 1.9 million 50 day average trading volume.  The close is a new high for 2009, and the highest close since mid-November of last year.