S&P 500 Emini Day Trading Gap Thursday October 8, 2009

S&P Emini 500 Futures had a small gap this morning that filled in the first 10 minutes of trading.  The trading day was bound by a narrow 8 point range that traded around yesterday’s close +/- 4 points.  This narrow, range bound trading seems to indicate a weakness in the four day rally.  Even though the close was up and came at the top of the day’s range, there didn’t seem to be much conviction in the market.  Volume was less than average at 1.69 million contracts.  The close was up 2.5 points, but the day’s high failed to top yesterday’s high.  Much of the day’s action, and the close, was above the resistance seen in the 20 day moving average.  Tomorrow morning’s jobless claims news should be influential in determining direction for the rest of the week.