S&P 500 Emini Day Trading Gap Friday November 20, 2009

S&P Emini 500 Futures had a 7.75 point gap down at the open.  The gap never filled on the day.  Thursday’s are supposed to have one of the highest percentage of gap fills, but the index never moved above the open.  Prices blew right through the prior support at the 1100 level, and settled into a 6 point deep trading range for most of the day.  During the last 20 minutes of trading, prices popped through the top of the range to close at 1093.25, down 14.75 points on the day.  Today’s 14 point range was slightly above average, and nearly engulfed the last two day’s candlesticks.  Today’s weakness came on average volume at 2.05 million contracts.  The action filled the open gap from last Friday’s close of 1091.25.  That still leaves the market with four unfilled gaps underneath the current price levels.  The lowest of these is at 902.00 from July 14th.  Tomorrow is options expiration, and that typically leads to volatile, often bullish trading.  Next week will show the market’s true colors as to direction.  If you are looking for a great web site for the day’s news, go to www.forexfactory.com.