S&P 500 Emini Day Trading Gap Monday February 8, 2010

S&P 500 Emini Day Trading Gap Monday February 8, 2010

S&P Emini 500 Futures had no opening gap Friday.  The index dipped 23+ points during the day, only to rally back to close near the open.  The 1064 level was tested by the opening and the closing 5 minute candlesticks.  Traders seemed unsure of direction due to mixed employment signals in the reports issued prior to the open.  Volume was more than twice the average coming in at 3.96 million contracts.  The day closed with an uncertain directional conclusion.  On a broader time frame,  the Friday close marks the 3rd weekly close in a row that falls below the prior week’s low.  That’s certainly a bearish signal, especially since the January monthly close was below the prior month’s low.  That’s the first time that’s happened since February of 2009.