SPX: Mr. Gappy Goes to Work

Mr. Gappy rose to fill the lower March gap down (now tinted orange) but still has some work to do. Today he noticed that he’d left something behind, an upside gap from a couple of days ago. With the up-turned short-term EMAs 10 & 20, a fill of that gap and a hold of those moving averages (with some allowable whipsaw noise in-day) would be a key short-term consideration.

If Mr. Gappy succeeds in filling that gap and holding support (generally the SMA 50 and the 2660 to 2680 range) the next objective would be the upper March gap down and maybe one day even the high gaps from January 30th and February 2nd.

Okay now Mr. Gappy, you have some work to do.


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