The error is at the source. It shows on TradingView and Yahoo (and others). I reported it to NYSE a couple weeks ago. No response.
Actually, in the last 6 months we had gaps all over the place. We still have an upgap from Sept 8th (I think) that is unfilled around 2460 SPX, nevertheless we still rallied for 5 more months.
This is a gap down. According to Peter Brandt, we haven't had a gap down like this since 1930. https://www.peterlbrandt.com/the-history-of-unfilled-gaps-in-the-u-s-stock-indexes/
Well, gaps like to be filled, so I could argue that a down gap is bullish later on. Oh, OK he is talking about breakaway gaps. The problem is, just when do we realize if it is a normal or a breakaway gap?
These people are good to tell you what happened after the fact. Pretty much useless for making money trading. All medias are full of them. They always have an answer to everything that happened in the past.
...and this is where I modestly promote my 11 year old thread explaining consecutive gaps: https://www.elitetrader.com/et/threads/pekelos-2nd-gap-rule.75045/ Because of the volatility, lately the rule hasn't been working as well as it used to.
@FireWalker Not sure where you're getting your data from but it's not accurate. I presume you don't have a real-time unfiltered data feed? If so, you would see throughout the day that there are out of the money trades printing (on time and sales) somewhat regularly. These prints create very annoying spikes on a chart that will skew data. Reporting requirements for trades are not all created equal. Ergo, intraday, you will often see trades printing at prices that never actually traded and in my experience, more often than not, they are unreported trades from the previous days close (or block trades which fall under different reporting requirements). In your second example, 284.74 was the previous days close, and a trade that was not reported the previous day was instead printed at some point the following day which resulted in the erroneous high. If this explanation is not clear enough, I can post a picture of exactly what I mean.
Gap (hourly) No gap (daily) So, they copy the Close from yesterday and print it on the Open? That's fraud.