S&P 500 Emini Day Trading Gap Monday September 21, 2009

S&P Emini 500 Futures gapped up 4.75 opening at 1066.75.  The index spent this options expiration Friday in a narrow 8 point deep trading range.  The opening candlestick was within a tick of the day’s high at 1067.00.  Prices quickly fell, filled the opening gap, and hit the day’s low of 1059.25 by 12:05.  Traders took the price level back up to the day’s high, 1067.25 by 3:30, and created a double top for the day.  A 4 point sell off in the final 30 minutes of the week brought in a close of 1063.00.  That closed the week up a point from the Thursday close, and concluded the 9th up week out of the last 10.  The weekly chart still shows the index firmly in the overbought category.  The daily chart also finished in an overbought condition, although today’s close prints the second doji in a row.  The daily volume came in average at 1.87 million contracts.