Nice call, no I forgot about that one. pretty similar ones, the only difference is that this one is happening near a market top, that was more of a bottom. We shall see.
I have a really old thread on 2nd gaps (2 consecutive, same direction gaps). Today was such gap, those used to have a 80-90% probability of getting filled the same day. Now I don't expect it to happen today, but at least a partial gap fill in the next 2 days.
Just ask in real-time... Is the formation/gap happening near a top or bottom? Yes!! LOL! Nice hindsight Pek.
I remember that one now. And if I'm not mistaken - I think you also wrote at the end of that thread how the significance of the pattern had diminished recently. My memory is not always the best on such things, but I seem to have the impression that same day gap fills were more frequent in the past. And the data I posted above seems to indicate that may be true. If I find the time tomorrow - I'll do a yearly comparison on gap fills. But what we have for the last 10 years or so is a market that periodically is trending very strongly with shallow retraces and seemingly leaving gaps behind instead of mean reverting/filling gaps as is more common in a ranging market. Gap fills still work pretty well though. In particular - we still fill long time gaps such as happened on Friday. These are not always as easy to back-test programmatically, though, but they do happen.
Look up last year chart, the market went sideways between May-Oct. So no, it wasn't at the top, it was after a sell off from 3000 to 2850. If we upgap again, I am going short heavily tomorrow at the open.
How do you build a hospital in 10 days? You get the American global architecture firm Gensler to draw the plans and supply the technique and technology, plus give them unlimited local resources and budged. Then you get an "official" looking government official to cut the ribbon and take credit for achieving the impossible.
What does 90% of posts on this thread have to do with the S&P? The comment was intended as an emphasis on China's reliance in US technology... they have grown on the back of US IP by using and stealing it to undercut prices by saving on R&D. Trump's action in this area directly affects the earnings of the S&P companies.
Now I understand.....and totally agree. China's IP stealing no question has been a drain on US companies who have spent millions of dollars on R&D and innovation. However, I am not sure that Phase 1 addressed the IP theft adequately.