S&P 500 Emini Day Trading Gap: Thursday August 6, 2009
S&P 500 Emini Futures Day Trading THE GAP
- S&P 500 Emini Day Trading Gap Thursday August 6, 2009
S&P Emini 500 Futures had virtually no gap this morning. The open of 1003.25 was only 3 ticks from yesterday’s close and filled in the first seconds of trading. The day’s high of 1004.00 was marked in the first 20 minutes of trading, then prices sagged to the low of the day, 991.25 over the next hour. A loose 5 point deep trading channel developed until 2:45 market time, then prices popped through the top of the resistance line. As the chart shows, that rally got to within 1 tick of the day’s high, and gave us a double top. As expected from that formation, prices dipped and closed at 999.75. The close is down from yesterday, but not by much. This creates only the 5th red candlestick on the daily charts since July 13. Volume was once again close to average at 1.86 million contracts. The 13 point trading range today was less than the 15.9 point 14 day average true range.
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