…you’ve got to respect it. Most gaps on a chart do indeed get filled, which is why they are called “common gaps.” We started 2013 with a bullish breakaway gap higher which has yet to be filled, obviously a rare and very bullish event.
However, the SPY hourly chart, zoomed-out, which we looked at yesterday is showing we are in bonafide gap-fill territory dating back to early-May. So, that most recent gap higher is not as bullish and may even have been the beginning of a blow-off top.
We can drift down to just below $159.90 before the next level with memory comes in.
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Great post Chess. Thanks for bringing attention to this
Thanks!
Chess. Thanks for the DRN. I bot a small position but day traded it for a nice little schnivitz.