Half Gap Complete

Today’s move in the Nasdaq Composite was sufficient enough to push us to the halfway mark of a price gap we have been monitoring which dates back to early 2000.  When the dot com bubble began to bust we left a big gap open on between the months of March and April.  Can you imagine starting the second quarter of a year like that?  With a huge gap lower?  Quite the contextual development, to say the least.

Here we are, 14 years later filling the gap.  The question on my mind is whether the half gap will be enough for now and will be an aggressive entry point for sellers.  Otherwise we have quite a bit of upside left for a complete gap fill, see below:

We did see a sharp responsive seller emerge this morning, and thus far their presence is begin confirmed.  To negate the selling wick which showed up today we need to press higher and sustain trade above our initial balance at 4055.25 on the September contract.  Keep this level in mind as we enter the afternoon.