On October 16 (S&P close 1,087.68) we pointed out the gap in the post "Equities: S&P 500 Back to the Gap":
It is almost uncanny how many times a stock or index makes a gap up and then comes back to fill the gap before resuming the move. In this case S&P 1073 or thereabouts.On Friday the S&P backed into the gap and this morning filled it, getting down to 1066.97.
On the other hand, I knew an old-timer who spent much of the eighties waiting for the Dow Joneses to fill a gap in the high 500's that dated from 1974....
...The gap is the space between the close on Tuesday the 13th at 1,073.19 and the open on Wednesday the 14th at 1,078.68.
Here's the chart (BigCharts):
