Since the SPY has started trading in 1993 it has gapped down more than 2% overnight 19 times and 16 out of those 19 the market closed higher than the open. The only other time it gapped down more than it is now (currently around 4.5%) is 9/11. Date Open High Low Close % Gap Down 4/4/1994 43.34 44.03 43.34 43.91 -2.80% 3/8/1996 64.19 64.87 62 63.5 -2.18% 4/8/1996 63.88 64.39 63.59 64.39 -2.50% 6/7/1996 66.19 67.64 66.19 67.62 -2.11% 12/6/1996 73.25 74.75 72.66 74.31 -2.01% 10/28/1997 84.37 92.87 84.37 92.22 -3.23% 9/10/1998 98.44 99.34 96.81 98.5 -2.05% 9/17/1998 102.25 103.03 101.78 102 -2.62% 9/21/1998 99.62 103.41 98.94 102.03 -2.42% 10/8/1998 94.56 96.75 92.22 96.59 -2.64% 1/13/1999 120.41 125.12 120.37 123.37 -3.09% 5/14/1999 134.56 135.88 133.5 133.78 -2.02% 3/13/2000 136.69 140.47 135.69 138.59 -2.45% 4/27/2000 143 147.34 143 146 -2.38% 3/14/2001 117.05 119.29 115.75 117.65 -2.47% 9/17/2001 101 106.4 100 104.3 -8.22% 9/21/2001 94.28 98.99 93.8 97.28 -4.49% 6/26/2002 95.2 98.15 95.19 97.72 -2.42% 7/24/2002 78.13 85.12 77.68 84.72 -2.28%