S&P 500 Emini Day Trading Gap Tuesday July 21, 2009

S&P Emini 500 Futures opened the week at 942.25, a 5.25 point gap up from Friday’s close.  The open filled the gap from June 12 right on the number.  Prices stayed in a 4 point range until a little after 10 a.m., then fell the day’s low of 937.50.  That price came within a tick of filling the morning’s gap.  That’s close enough to be considered filled.  Buyer’s took control and brought prices back up into the early morning trading range and beyond.  The last hour of trading was spent in a 3.5 point consolidation range.  Today’s close of  946.25 is the highest close of 2009, and the first close above the January high of 942.75.  Volume today was light at 1.57 million contracts.  Average volume is 1.9 million contracts.  Today’s volume was slightly higher than Friday’s, but lower volume highs can be a bearish signal.  Time will tell.