Gap Fill

We had a nice gap fill today, almost to the tick (chart 1). This day was painting a perfect reversal...until the wildly suspicious last hour of trading.

The second chart shows the line in the sand (85). In the short term there is obviously some respectable buying pressure; however, the risk/reward on the upside is getting increasingly thin - especially between 83-85.

60 day SPY


1 year SPY


% of stocks above 200 day MA