S&P 500 Emini Day Trading Gap Monday October 5, 2009

S&P 500 Emini Day Trading Gap Monday October 5, 2009

S&P Emini 500 Futures gapped down 9.75 points Friday after huge volume in pre market trading.  Over 500,000 contracts traded in the pre market, 300,000 is considered heavier pre market volume.  The volatility, and most of the volume, followed the non-farm payroll report at 8:30 a.m. After the open, the early action was towards the upside, and the gap was filled  by 10:35.  The index found resistance in the area of yesterday’s close and low.  Three attempts were made during the day to break through that level, but all failed.  The close came about at about the midpoint of the day’s 11 point trading range, less than average, at 1020.75.  Today’s action pierced the 50 day moving average, but closed above it.  That indicates possible support at that level.  Another underlying open gap was filled on Friday.  The filled gap was from the Friday, September 4th close, 1015.75