S&P 500 Emini Day Trading Gap Monday May 11, 2009

S&P 500 Emini Futures opened Friday at 916, which was a 12.25 gap up from the prior trading session.  The market moved higher in the morning, then retraced lower to fill approximately half of the morning’s gap.  That’s as close as it got to filling.  The futures reached the low for the day, 909.75, at 10:30 market time.  From that point on, the Emini futures traded up, pausing during the lunch period to form an area of congestion which is noted on the chart.  Pricing moved out of congestion at the 2pm reversal, and closed near the highs for the day at 925.75, up 22 points.