S&P 500 Emini Day Trading Gap Wednesday August 19, 2009
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures gapped up 2.50 points to open at 980.75 Tuesday morning. Prices moved sideways for the first 25 minutes of trading moving down a bit and hit the day’s low of 979.00. That price within 3 ticks of filling the gap, and since there is a lower unfilled gap at 972.25, I’m not adding today’s gap to the unfilled list. From 10 a.m. to 1 p.m. the Eminis followed a trend line up 10 points before beginning a sideways move within a 4 point deep trading zone. The close of 987.00 was 3 points below the day’s high of 990.00. The high was tested twice just prior to the last 30 minutes of trading. The trading range today was lower than average at 11 points, and volume came in about 5,000 contracts below average at 1.75 million contracts. Today’s range was inside yesterday’s range, and provided a 50% retracement of yesterday’s trading.
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