S&P 500 Emini Day Trading Gap Tuesday September 2, 2009

S&P Emini 500 Futures opened the first trading day of September with a 5 point gap down.  The open at 1015 moved to the upside and filled the gap within the first 15 minutes.  Prices continued up to top out for the day at 1027.75, within a point of the open gap from Friday’s close.  Sellers took over and ran the market down for the rest of the day.  After a brief consolidation from 10:15-10:40, a powerful down trend developed.  The strength of the move can be seen in the increasing volume as prices declined.  Ragged consolidation took over at 11:40, and prices stayed within a 6 point range for the rest of the day.  The low of the day was marked at 995.50 at the 3:50 candlestick, and the close was only 1.75 points above the low at 997.00.  The range was huge at 32.25 points, way above the 19 point average.  Volume was also huge with 3.2 million contracts trading, well above the 1.8 million contract average.  The action today filled the open gap from the Friday August 20th close of 1005.50.