SPY Unfilled Gaps Remain Problematic (to Me)
|SPY perspective from my Unfilled-Gaps Chart now shows that there are 4 Upside Gaps off of the December low that have not been filled. What this tells me is that WHEN this market rolls over, there will be plenty of "gap magnetism" on the downside to preoccupy technically influenced traders.
Today's opening left an up-gap from 274.12 to 274.95, which so far has been partially filled during the mid-morning pullback to 274.56. I have to think that at some point today, SPY will press to 274.12 to fill the entire gap. The BIG QUESTION is what happens then? If SPY remains exceedingly bullish, then it will pivot to the upside off of the 274 area, and head into another upmove towards a retest of the high at 275.93, or higher.
Conversely, if the SPY is exhausted, any upside pivot off of 274.00 will fail, and SPY will roll over into a more serious nosedive that seeks to fill the up-gap left behind on yesterday's (2/12) open from 270.66 to 272.34.
Lets see what the afternoon session has in store... Last is 274.86/87
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