It is notable that Wednesday was the 2nd day in a row with an unfilled up gap. The study below appeared in the Quantifinder last night, and has been updated with current stats. It examined other times SPY left 2 unfilled up gaps and closed at a 50-day high.
The size of the follow-through isn’t terribly large, but it has been quite consistent that some follow through was achieved in the next few days. This suggests the current momentum may be followed by further short-term gains.
Related Quantifiable Edges Studies
- Two Unfilled SPY Up Gaps and a 50-Day High: 2019 Updated Study
- Two Unfilled Up Gaps at a 50-Day High: SPY Follow-Through Study
- SPY After 2 Unfilled Up Gaps & a 50-Day High: Quant Study
- Breakaway Gaps: Unfilled SPY Gap on a 50-Day High Breakout
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