S&P 500 Emini Day Trading Gap Wednesday September 9, 2009

S&P Emini 500 Futures opened the first post-Labor Day session with a 9.50 point gap up from the Friday close.  The first few minutes of trading saw the day’s high of 1025.75, then trading entered a 5-6 point range that lasted all day.  The narrow range showed a test of 1025.50 no less than 6 times over the course of the day on the 5 minute chart.  The close, 1024.25 was in the upper part of that range  Volume was less than average at 1.5 million contracts.  If this week is supposed to be the launch of the end of the year institutional trading season, with it’s accompanying increase in volume and volatility, it certainly didn’t show in today’s numbers.  The Emini daily charts are still showing slightly bullish with a neutral overbought/oversold indication.  The weekly charts are coming off an overbought indication.  60 minute chart indicates a tight, neutral overbought/oversold condition.  There are now three open gaps underneath the current price levels and one above.