Both Thursday and Friday saw SPY leave an unfilled gap down. That is fairly unusual. In the study below I examined other times it has occurred since 2002 while SPY was below the 200-day moving average.

Every instance except one was higher five days later. While instances are a little low, the numbers are compelling and suggest an upside edge over the next week.

Related Quantifiable Edges Studies

• Two Consecutive Unfilled Down Gaps: Short-Term Bullish Reversal Edge
• Unfilled SPY Gaps Down from 50-Day Highs: A Short-Term Bearish Setup
• Large SPY Gaps Down From 50-Day Highs: Open-to-Close Drift Study
• Intraday Performance After SPY Gaps Down 4% or More (Since 1993)

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