S&P 500 Emini Day Trading Gap Monday August 17, 2009

S&P Emini 500 Futures opened Friday, after a narrow 6 point deep overnight session,  a tick below the prior close, so, no gap today.  Price moved one tick up in the first minutes of the day and hit the prior close, and that price, 1011.50, was the high for the day.  The index then plunged 17.50 points, and, at about 10:20, entered a sideways consolidation that lasted most of the rest of the day.  The bottom of the 4 point deep consolidation range was pierced at the 11:35 candlestick to print the low of the day, 992.25.  Buyers stepped in for the last 20 minutes of trading and retraced about 55% of the day’s move.  The close was 1002.75 down 8.75 points.  Volume was average at 1.83 million contracts, and the 19.25 point range was deeper than the average true range, 17.7 points.