SPY Looks to Fill Lower Gap

The gap resides at the 62% retrace of the ‘V’ shaped spike that went too far, too soon to be sustainable. Now, if this market has near-term upside (I’ve been adding SPY to keep things simple) this will have been a sustainability enhancer. On the negative side, the gap fill by definition is messing with the pattern’s symmetry to its left side. I tell you that it is a fine line between Gary the bounce player and Gary the short for 2100 (SPX) player.

Enter Mr. Powell.

spy

Subscribe to NFTRH Premium (monthly at USD $33.50 or a 14% discounted yearly at USD $345.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas, all archived/posted at the site and delivered to your inbox.

You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar and get even more by joining our free eLetter. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.