S&P 500 Emini Day Trading Gap Thursday May 28, 2009

S&P 500 Emini Futures opened Wednesday with no gap, and traded the morning much the same way Tuesday’s trading ended. Prices maintained the prior day’s area of congestion with an ascending channel approximately 5 points deep. At 12:40 market time an area of congestion developed beneath the morning’s up trend line. Futures then began selling off, pausing only twice on the way down to the close of 891.75. The close was down 17 points and erased most of Tuesday’s gains.