S&P 500 Emini Day Trading Gap Monday October 19, 2009

S&P Emini 500 Futures gapped down 9 points to kick off expiration Friday trading.  The gap failed to fill and has thus been added to an ever expanding list of unfilled gaps.  Four of the unfilled gaps are underneath current pricing, the lowest at 902.00 from mid July.  If convention holds true, that all gaps fill, the lowest open gap may hint at the possible depth of a correction.  Friday’s prices lingered in two distinct 4 point deep areas of consolidation each lasting 2.5-3 hours.  Volume spiked in the last 30 minutes of trading with the index closing at the approximate mid point of the higher consolidation range.  Not visible on the regular trading session chart is the new high for the year of 1095.50.  That mark was reached in early morning pre market trading.  The inability of the market to maintain that high suggests a possible down turn is on the way.  One note, however, trading during options expiration day may skew the day’s results.  Volume today was above average at 2.0 million contracts.  The index was able to close this week higher than last week by about 15 points.