S&P 500 Emini Day Trading Gap Tuesday August 11, 2009

S&P Emini 500 Futures begun the second week of August with a 4.25 point gap down.  Trading stayed in a very narrow range all day long.  Prices took a ragged tight up trend after the open, and filled the gap by 10:35 market time.  Trading found resistance at 107.75, and after three tests of that price, began a fall that culminated at the day’s low of 998.25 at about the 2:20 p.m. mark.  Prices retraced 76.4% of the day’s move down, and closed at 1005.50, down 1.50 points.  Volume was very light at 1.18 million contracts, and the trading range was very tight at 9.25 points.