S&P 500 Emini Day Trading Gap Friday October 2, 2009

S&P Emini 500 Futures opened the first day of October with a 3.25 point gap down, and headed down from there.  The day was very bearish on heavy volume.  The index broke the 20 sma, and closed the day close to the 50 sma at 1025.25.  It remains to be seen whether or not the index will find support at that level.  Expect a bounce off the 50 sma, with a retest in the next few days.  If prices follow through on volume to the downside, expect a support level at the 950 level, the June highs.  An unfilled gap was created today while the open gap from the September 25 close was filled.  There are still three unfilled gaps underneath current prices, the lowest from the July 14th close of 902.00.  Conventional wisdom states that all open gaps are eventually filled, it just never states when they will be filled.