S&P 500 Emini Day Trading Gap Thursday August 13, 2009

S&P Emini 500 Futures gapped down this morning 1.25 points, but the gap filled in the first few minutes of trading.  Prices surged upward for the first hour, then entered a narrow zone of congestion that lasted until the 2:15 p.m. Fed rate decision.  As soon as that information was released, prices reacted with large price fluctuations that ran the upper and lower limits of the congestion zone in single candlesticks.  After an initial break through the bottom of the range, the Eminis reached a high of 1011.50 before settling to the bottom of the previous range at the close.  The closing price for the day was 1003.25, up 10.75 points.  Today’s action filled the open overhead gap from Monday’s close.  There still remain three open gaps underneath the current price structure.