S&P 500 Emini Day Trading Gap Monday August 24, 2009

S&P Emini 500 Futures gapped up 7.50 points this options expiration Friday, opening at 1013.00.  The index stayed in consolidation for the first 25 minutes, dropped briefly to the day’s low of  1011.75, then vaulted about 12 points over the next 10 minutes.  In a familiar pattern, the Eminis entered a 4 point deep sideways move until about the last hour of trading.  At 3:15, prices broke through the top of the trading zone’s resistance and touched the day’s high of 1027.00.  The close was just above the prior resistance at 1025.00, up 19.50 points.  The close is a new high for the year on above average volume.  Today’s trading range was 15.25 points, with most of that occurring in the hour of the day.  The gap for today joins the list of unfilled gaps that lie underneath current prices.