S&P 500 Emini Day Trading Gap Monday June 22, 2009

S&P 500 Emini Futures opened with a 9.50 point gap up Friday morning.  Today is quadruple witching, which means a lot of stuff expires today, including options.   Futures formed a chart pattern that looked like it would be a reverse head and shoulders pattern, but the pattern failed at 11:30 AM market time.  Once again, a sizeable market move occurred over the lunch period, also known as the doldrums.  Market highs were almost matched at 11:00 AM market time at 922.75, but plunged to an intermediate low of  913.75 at 12:40 PM.  We had a retracement to about 40% of the drop, then at 2:30, prices dropped to the low of the day.  That move filled the previous day’s gap, and got to the low of  910.75.  A one hour rally ensued, then retreated.  The close was 915.50, up 3.50 points from the previous close.  The gap from Friday June 12, is still overhead at 942.25.