S&P 500 Emini Day Trading Gap Friday July 31, 2009

S&P Emini 500 Futures had a big 11.50 point gap up this morning.  The open, 983.75, erased the open gap from Tuesday’s close, but created a new one since today’s gap never came close to filling.  Today’s low was marked in the first 20 minutes of trading at 981.50.  Prices rallied over the next hour, got to the day’s high of 994.00, then settled into a 5 point range that lasted until the last 20 minutes of the trading day.  A sell off brought prices back down to slightly below the opening price, and closed at 982.50.  Although the day’s trading range was 12.50 points, most of the action took place in the upper half of the range.  Volume was above the 1.88 million contract average at 2.2 million contracts.