S&P 500 Emini Day Trading Gap Monday July 27, 2009

S&P Emini 500 Futures gapped 5 points to the downside Friday morning at 967.25.  A rally took prices to within a tick of the gap in the first 20 minutes of trading, close enough to call the gap filled.  The bears took over for the next hour, and prices dipped to the low of the day, 962.50 by 11:00 a.m.  The rest of the day was marked by buyer interest that drove prices up.  Two congestion periods marked the climb to the day’s high of 977.25, and regular trading closed at 976.00.  The close is up 3.75 points from Thursday’s close, and marks the 9th up day out of the last 10 days. Friday’s volume of 1.7 million contracts was below the 1.9 million contract average, and the 14.25 trading range was below the  14 day average true range of 18.5 points.