S&P 500 Emini Day Trading Gap Wednesday July 15, 2009

S&P Emini 500 Futures opened trading with a 3 point gap up, but the gap filled within the first few minutes.  Today’s chart had similarities to yesterday’s, but was less dramatic.  Today’s trading range was only 10 points wide compared to the 26 point range of yesterday.  Both day’s opened with a gap up, filled quickly, continued to the day’s low, then retraced to attain prices close to the day’s high.  Today’s low was 892.50 reached at about 10:50 market time.  The next hour saw a rally that met resistance at 902.  Prices retraced about 55% of the rally, then climbed back up to the top to assault the 902 resistance.  After several attempts to close above 902, and the number was breached a few times, the market closed regular trading at 902.  That’s within 2 ticks of the day’s high, 902.50.