S&P 500 Emini Day Trading Gap Wednesday August 12, 2009
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures opened at 1001.00 this morning, a 4.50 point gap down from yesterday’s close. The high of the first 5 minute candlestick, 1001.75, turned out to be the high of the day. Prices fell until 10:30, then the market entered the first of three areas of tight congestion around 992.50. That price offered support for the first 2 and a half point zone, then resistance for the next 2 and one-half hours, then back to support for the last 2 hours of trading. The close was right on the number at 992.50, down 13 points. The tight trading zones and a close at the median seems to reflect a market that’s in decision. Perhaps traders are waiting for tomorrow’s release of the Treasury Budget and the Fed meeting minutes. Total volume was less than the 1.83 million contract average, coming in at 1.61 million contracts. Today’s action filled the open gap from the August 6 close of 994.50, but added today’s unfilled gap to the list.
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