Monday, May 23, 2011

Didn't Quite Fill the Gap on S&P 500

On April 19th, the intraday high on the S&P 500 was 1312.70.  The next morning the market gapped up, and the intraday low was the opening print of 1319.12.  This morning we flushed down to the 1314 area but did not quite fill the gap.  I would find it incredibly rare not to so when we came so close...

Of course the index also gapped down below the lows of last week at S&P 1320, and a close below that level would deteriorate the technical picture even further.  Clearly this is not a "V" shape bounce the bulls have relied on repeatedly and that is a change in character to note.

The dollar is up about 0.7% and has broke through last week's ceiling of $76.00 as it trades in the $76.20s.

(one day delay on this chart)

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