S&P 500 Emini Day Trading Gap Friday October 30, 2009

S&P Emini 500 Futures began Thursday’s trading at 1047.00, a gap up of 7.25 points.  The gap remained unfilled as the index began a relatively slow climb up in price all day long.  There were periods of consolidation along the way, but the day’s sentiment was bullish.  The close, 1061.50, came near the top of the day’s 19.25 point trading range, and broke the downtrend line on the daily charts.  If prices should follow through during tomorrow’s trading, the four day downtrend may be broken.  It’s noteworthy that today’s close did not exceed yesterday’s high, so a break of the downtrend is not assured.  The day’s volume was greater than the 1.95 million contract daily average.  2.3 million contracts traded today.