Wednesday’s move may look especially strong on a chart. Historically when large gaps continue higher intraday and make new intermediate-term highs it has most often led to a pullback over the next few days. Below is a study that examines this.
Instances are a bit low but notable nonetheless. Below is a list of all the instances using the 3-day exit criteria.
This would appear to suggest a bit of a downside edge over the next few days.