S&P 500 Emini Day Trading Gap Thursday August 20, 2009

S&P 500 Emini Day Trading Gap Thursday August 20, 2009

S&P Emini 500 Futures gapped down 8.50 points this morning. The gap filled with a fairly steep up trend off the open in the first 35 minutes of trading.  The first 5 minute candlestick of the day also had the day’s low of 978.00. At 10:05, the Eminis entered a ragged consolidation period that began to tighten up between 11:00 a.m. and 11:45 a.m.  The consolidation popped at 11:55 and moved sharply higher. Prices topped at 998.75 on the 1:15 candlestick, and entered tight congestion for an hour, then a narrow downtrend.  The last 45 minutes found support at approximately 992.00, then climbed to close at 995.25, up 8.25 points.  All of the day’s 22.75 point range occurred 3 hours before the final bell.  Volume on the day was above average at 2.13 million contracts.