S&P 500 Emini Day Trading Gap Wednesday October 14, 2009

S&P Emini 500 Futures opened 3 points lower than the prior close for the morning gap.  Price action today was indecisive with a 9 point total range, less than average, and only 1.25 points between the open and the close.  Volume came in at less than average.  1.5 million contracts traded against an average of 1.86 million.  Today’s close was the first down day in the last seven for the Emini futures, but neither it nor any of major exchange averages demonstrated a particular direction.  Perhaps traders are staying in the background awaiting the major earnings reports due out this week.  Tomorrow’s trading will be influenced by the Fed meeting minutes, which will be reported at 2 p.m. Eastern. The trading today filled the open gap from Friday, 1067.25, and came within a tick of filling the morning gap.  That’s close enough to consider that gap filled as well.