S&P 500 Emini Day Trading Gap Tuesday July 7, 2009

S&P 500 Emini Day Trading Gap Tuesday July 7, 2009

S&P Emini 500 Futures opened the first post holiday trading day with a gap down 8.5 points from the Thursday close.  The first 30 minutes of trading saw prices attempt to fill the gap, but fell short at 892.00.  The 10 o’clock reversal brought prices back down through the open and fell lower to the day’s low of 882.00 by 10:30.  Buyers came in with little conviction and brought prices up to a 4 point trading range, the tops of which came close to the high at that point, 892.00.  The last 20 minutes of trading saw the base of the range break, then a rally through the top of the range.  The rally filled the morning’s gap and the Emini closed at 893.50.  That’s one tick higher than the July 2nd close.  Today’s trading filled one of our open gaps.  The Friday, June 23 close of 889.25 is coming off the open gap list.