S&P 500 Emini Day Trading Gap Friday May 22, 2009

S&P 500 Emini Futures gapped down 11.50 points opening Thursday morning at 899.50. The morning’s trading sank 7 points, coming within 1 tick of filling the gap from the Friday May 15th close of 882.25. Futures retraced back to form an area of congestion that remained in a 3 point range close the morning’s open. A sell off began at about 1 pm market time that took pricing to it’s low for the day of 877.75, then formed a 1.5 hour area of congestion. The pricing decrease completed the gap fill from May 15th. The market rallied in the last 20 minutes of trading to close at 887.00, down 14 points from prior day’s trading. One more unfilled gap lurks below from the May 1st close of 874.