S&P 500 Emini Day Trading Gap Thursday November 12, 2009

S&P Emini 500 Futures began the day with a 7.00 point gap up. The index showed surprising action throughout the day, considering the Veteran’s Day holiday.  During the first hour of trading, prices popped up through the 1100.00 level, but failed to hold that price.  A sell off at 10:30 took prices down into a 6.50 point trading range for the rest of the day.  A price drop at 1:45 took the index to the day’s low of 1091.25, and that action filled the morning’s gap on the number.  The daily candlestick closed at 1096.25 and showed the possibility of price failure through the previous high of 1099.00, posted in October.  Volume was slightly below average at 1.80 million contracts.  Tomorrow morning’s Unemployment Claims Report could have a significant impact on price movement.  The rest of the week may show whether the market has topped or has more bullish action remaining.