S&P 500 Emini Day Trading Gap Tuesday July 14, 2009
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures gapped up 3.50 points on the 878.50 open this morning. The gap had filled by 10 a.m. market time, and 10 minutes later, prices fell further to the day’s low of 871.25. The buyers took over at that juncture, and drove prices up 20 points in the next hour and a half of trading. A congestion riddled slow rise followed much of the rest of the day. Prices added another three points or so to reach a higher high of 894.50 by 3:15. Buyers owned the last 30 minutes of trading. A big, high volume push took prices up to a new high for the day, 897.25, and trading closed near the high at 896.50. Today’s trading range was 26 points, that’s greater than the 14 day average true range of 17.75 points. Daily volume was average for the past 50 days at 2 million contracts. The two overhead gaps remaining, look much closer than they did last Friday. Another day like today, and we might be rid of the closest open gap from the July 1 close of 919.00.
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