Thursday marked the 2nd day in a row that SPY posted an unfilled gap up. It also closed at a 50-day high. The unfilled up-gaps are considered a sign of strength. Unfilled up gaps can sometimes be seen as a sign of strength. The study below examines whether this may be the case when the market is at an intermediate-term high.
The size of the follow-through isn’t terribly large, but it has been very, very consistent that some follow through was achieved. This suggests a good chance at more upside in the next few days.
I will note that not every study I am seeing is bullish right now. There is a bit of a mix.