S&P 500 Emini Day Trading Gap Monday June 8, 2009

S&P 500 Emini Futures gapped up 9.75 points at the opening bell Friday in apparent reaction to the employment situation report. Trading reached the high for the day, 952.00 in it’s first 5 minutes. Sellers took back all of the opening gap, and then some, as prices dropped to the day’s low of 933.25 by 10:20 market time. There was one 15 minute consolidation period during the nearly 19 point drop in price. After an approximate 75% retracement, trading was range bound until the 2 PM reversal period. Right on time, prices dropped through the bottom of the 5 point trading range to the afternoon low of 934.50. From there, a 6 point rally took prices to a close of 940.50, unchanged from Thursday.