S&P 500 Emini Day trading Gap Thursday June 11, 2009

S&P 500 Emini Futures gapped up 8 points this morning to open at 949.75. 35 minutes later the gap was filled. Sellers took prices down to 936, allowed a lunch hour consolidation period, then down to the day’s low of 927 at around 2 PM. A reversal ensued that took prices to the close of 939, down 2.75 points. Volume was slightly higher than the 50 day average of 2.17 million contracts at 2.66 million contracts. The day’s trading range was broader than average as well. The 14 day average true range is 21 points and today’s action ranged 23.5 points. Once again, today’s close gives the appearance of a doji candlestick on the daily charts. That’s 4 days in a row for the Emini Futures to show the doji formation. Since Friday, June 5th, the S&P Emini Futures have closed between 937 and 941, a very narrow range.