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Crowder Investment Research (Crowder's Corner)

Upside Gap Doesn’t Close

There was an upside gap today in the S&P 500 (SPY), Dow (DIA) and Russell 2000 (IWM). As soon as the opening bell sounded, buyers stepped in and never allowed sellers to close the gap in the three aforementioned indices. Historically, this does not bode well for the bulls over the short-term.  

Typically, when a gap occurs (opening price higher than the prior days high) of this magnitude and breadth continued upside momentum is limited over the short-term. Furthermore, in most cases when a gap like this occurs, the gap closes within a few trading days, but given the seasonally bullishness (transition from month to month) we could see a continued move for a few more days. If the market does indeed move higher, forming a double top, I think we could have a decent set-up for another move to the downside that will most likely close the gap that was established today. Gaps tend to weigh once they occur so watch this one closely over the next few days. I hope you have a great night! 

RSi Wilder (5) for November 29, 2006

  • SPY - 60.1 (neutral)
  • DIA - 53.0 (neutral)
  • IWM - 54.5 (neutral)
  • QQQQ - 51.6 (neutral)

Andrew Crowder, Chief Investment Strategist, www.crowderinvestments.com

Published Thursday, November 30, 2006 12:13 AM by acrowder
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Crowder Investment Research ...
At Crowder Investment Research, LLC (www.crowderinvestments.com) we offer our thoughts on several stock and options-based strategies that might complement your long-term investment objectives. We provide you with the trading tools necessary to produce returns that attempt to outperform the major indices on an annual basis regardless of the economic environment. Our extensive research of numerous options-based strategies has shown that uncomplicated strategies, when applied effectively, consistently provide greater gains. Read the thoughts and ideas of our Chief Options Strategist, Andrew Crowder. He will provide you with educational tools, useful technical and seasonal indicators, and a wealth of investment research (updated daily) to increase your stock and options trading knowledge.

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