SPY Filling Its Up-Gaps
|SPY -- heading into the final 30 minutes of trading, let's notice that three of the four unfilled up-gap openings that emerged during the 4/09 through 4/17 timeframe have been filled. Today's weakness into a low of 261.28 filled the 4/10 up-gap.
That leaves one unfilled up-gap remaining from the April advance, which is lodged between 260.90 down to 259.80.
Based on the profile of SPY lately, we should not rule out another vicious bounce to 264.00-265.00 followed by a plunge that presses the price structure into the 259 area to fill the gap left behind on 4/09.
Of course, SPY could just implode during the next 20 minutes, and in so doing press towards 259, and then open lower into or beneath the gap tomorrow morning. Mission accomplished!
Of course, SPY definitely will not look good down at 259.00, largely because it will be trading beneath its 200 DMA for the first time since the April lows.
But unfilled gaps will no longer be THE excuse for the weakness. Uh oh!
Last in SPY is 262.24/15
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