S&P 500 Emini Day Trading Gap Friday June 12, 2009

S&P 500 Emini Futures gapped up 3 points this morning, the expiration day for the June, 2009 contracts.  Tomorrow we’ll be trading the September, 2009 contracts.  The opening price was 942.  Traders pushed prices to 950.75 by 10:20, where a 4.5 point trading range developed.  At 12:55 market time, prices broke through the top of the range and rallied to the high of the day, 956.50.  The high occurred at 1:35 PM.  From that point to the close, sellers were in control.  The downtrend broke through a couple of areas of support, and finished the day at 944.25.  That’s just 2.25 points from the open and up 5.25 points from the Wednesday close.  The close is above the high for January 2009 of 942.75.  Will futures be able to hold above that level?  We’ll get the answer to that question in the next few days.