S&P 500 Emini Day Trading Gap Wednesday July 29, 2009

S&P Emini 500 Futures gapped down 7 points Tuesday morning to open at 972.25.  Buyers drove prices right back up to fill the gap, on the number, by 10:05.  That touch of the prior close also turned out to be the high of the day.  The day’s 13 point range once again was defined by the morning trading.  The low of the day, 966.00, was marked at 11:40 market time, and the rest of the day was spent attempting to retrace the morning’s drop from the high.  Prices never quite got back up to the high, and closed off 2.75 points at 976.50.  Today’s close is only the second time in the last 12 days the market has closed lower.  Volume for the day was slightly above average at 1.93 million contracts.