S&P 500 Emini Day Trading Gap Thursday May 21, 2009

S&P 500 Emini Futures gapped up 8.50 points at the open Wednesday morning. Trading opened at 915.00, climbed to a high of 923.50, then began to sell off. By 1 PM market time, the sell off had almost filled the morning’s gap. The market retraced about 40% of the morning sell off, but had a negative reaction to the release of the Fed minutes. At 3 PM, the sell off became dramatic. The futures dropped 14 points in the last hour of trading to close at 900.75, a 5.75 point drop from Tuesday’s close of 906.50. An unfilled gap remains underneath current trading from the Friday May 15th close of 882.25.