S&P 500 Emini Day Trading Gap Monday September 28, 2009

S&P 500 Emini Day Trading Gap Monday September 28, 2009

S&P Emini 500 Futures gapped down a couple of points Friday morning, but the gap filled in the first 15 minutes of trading.  The day’s trading ranged just under 13 points from the high to the low.  For the most part, the index traded around and closed near Thursday’s low, 1041.00.  Supported price on the day was less than three points, and that would, once again, indicate an indecisive market.  The weekly candlestick’s supported price was within, or inside, the prior week’s trading range.  Since prices are coming off an overbought condition, the market may be setting up for a significant correction. Friday was the third down day in a row, and closed the day with average volume of  1.89 million contracts.