S&P 500 Emini Day Trading Gap Tuesday August 4, 2009

S&P Emini 500 Futures gapped up 11.25 points this morning  at 994.75.  Prices quickly fell over the next 25 minutes, but only managed to fill half of the gap.  Today’s low of 988.75 was marked at 9:55, then the futures  turned to the upside at the 10 a.m. reversal.  Trading stayed within a 12.25 point range today, climbing to new highs for the year, and closing at the magic 1000.00 level, close to the day’s high of 1001.00.  Volume was below average at 1.75 million contracts.  We now have 3 open gaps beneath the current price levels.  Conventional wisdom states that all gaps ultimately fill.