S&P 500 Emini Day Trading Gap Wednesday June 17, 2009

S&P 500 Emini Day Trading Gap Wednesday June 17, 2009

S&P 500 Emini Futures opened at 923.24, a 3.25 point gap up, and filled within the first  hour of trading.  The morning’s trading range was a narrow 5 points, and lasted until the lunch break.  Sellers took control and punched prices through the bottom of the trade range at 11:50 market time.  The day’s low of 906.50 was hit at about 2:30 PM, rallied back to 913.75, then closed close to the low at 907.75.  We have an open gap from the Friday, June 12th close of 942.25.  Today’s close breaks below my up trend line on the daily chart.  Volume was slightly above the 50 day average of 2.15 million contracts per day at 2.27 million contracts.