S&P 500 Emini Day Trading Gap Thursday July 16, 2009

S&P Emini 500 Futures filled one open gap today, the July 1 close of 919.00, but left us with a new open gap from this morning.  The gap up was 11.75 points from the Tuesday close, and never came close to filling all day long.  The morning’s low of 912.50 was hit in the first 10 minutes of trading and was the day’s low.  The rest of the day saw prices remain within a 4.5 to 5.0 point ascending channel.  The day long up trend reached a high of 930.75 at 3:15, and led to a trading range of an above average 18.25 points.  The 14 day average true range is 17.7 points.  Emini futures closed the day at 928.25, up 26.25 points.  Volume came in at 2.11 million contracts, just above the 50 day average of 1.99 million.