S&P 500 Emini Day Trading Gap Thursday October 1, 2009

S&P 500 Emini Day Trading Gap Thursday October 1, 2009

S&P Emini 500 Futures opened with a 3.50 point gap up, and the first 5 minute candlestick registered the day’s high of 1060.00.  Prices plunged 18.50 points over the next 25 minutes and hit the day’s low, 1041.50.  Over the first 30 minutes of trading, the index marked the entire day’s range.  A slower climb back close to the top took a little longer finding resistance close to Monday’s close of 1058.25.  Today’s close was about the middle of today’s range at 1051.75.  Today marks a down day on very heavy volume, but still is within Monday’s price range.  Until we see a follow through either up or down, market direction is still undetermined.  Most of today’s trading volume was at prices less than 1054, a possible signal that the market may drop.  The last candle of the day showed huge volume, over 190,000 contracts.