S&P 500 Emini Day Trading Gap Thursday July 9, 2009

S&P Emini 500 Futures had quite a day today.  Emini Futures opened with a gap up of 3.75 points, broke down through the longer term support of 875.00, plunged to a low of 865.25, and finished the day about where it started.  Futures closed at 875.75, one tick below yesterday’s close.  Today’s 18.5 point range was achieved with higher than average volume.  Nearly 2.5 million contracts were traded, and the 50 day average daily volume is just under 2 million contracts.