A quick update on our earlier post on today’s S&P500 gap open. The SPY made an intraday low of $133.84 after its 0.93 percent gap up at the open at $134.77. This closed 74 percent of the gap, consistent with our post,
What stands out is that in all periods the opening gap higher is at least 50 percent filled on the same day in 80 percent of the higher opens. Fading up and buying down opens are a favorite of the trading set and you can see here that on higher opens they have the probabilities on their side.
Still an impressive trading session and close at the highs of the day.
(click here if chart is not observable)