S&P 500 Emini Day Trading Gap Tuesday August 25, 2009

S&P Emini 500 Futures opened Monday morning at 1029.25, a 4.25 point gap up from Friday’s close.  Prices climbed in a ragged up trend to the day’s high of 1035 by 11:10, then started to drop.  It looked as though prices might find support at 1030.75, but that support failed on the 1:00 p.m. candlestick and prices plunged 7.50 points.  That action filled the morning’s gap.  There was a slight retracement of the drop, then traders took the index to the low for the day of 1021.25.  The last half-hour of trading prices rallied a bit and the index closed at 1025.25, up .25 points on the day.  Volume was slightly less than the 1.79 million contract average at 1.73 million, and the range was 13.75 points also less than the 14 day average true range of 19 points.