S&P 500 Emini Day Trading Gap Thursday July 23, 2009

S&P 500 Emini Day Trading Gap Thursday July 23, 2009

S&P Emini 500 Futures opened the morning with a 6 point gap down that promptly filled in the first 15 minutes of trading.  Prices continued through the gap to form an up trending 5-6 point deep trading channel that lasted through the lunch hour.  The high for the day, 956.75 was printed  twice at the 1 p.m. and 1:20 p.m. 5 minute candlesticks.  The bottom of the up trending support line was breached around 2 p.m. and trading entered the first of two areas of congestion.  The first congestion area was about 4 points deep and lasted from 1:30 p.m. to 3:20 p.m.  The last 40 minutes of trading was contained in a lower, slightly shallower area of congestion.  The close of 951, marks the first down day in the last 8 days, even though the close was only down .25 points from the Tuesday close.  Today’s trading  range  of 13 points was below the 14 day average true range of 17 points, and volume was above the 1.92 million 50 day average at 2.05 million contracts.