Gap Watch:
SPY is the tracking ETF for the SP500.
In the last 100 days there are three unfilled gaps. Bears will have their eyes on the break-away biggie which occurred on 11 October. That's about 10% below the current level - good enough to fit the usual definition of a "correction".
The last time we had a correction of more than 10% in the American market was in the Northern Hemisphere Summer of 2011. Remember that? It hurt. We're now about 2 1/2 years since the end of the last correction. The average time between 10% corrections is about 1 1/2 years. Like all averages, that can be misleading. 1990-1997 went without a 10% correction.
But that big gap down there in October must look juicy.
The Sirens are singing.
Redbacka
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Last
8,668.2 |
Change
-89.000(1.02%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,757.1 | 8,757.1 | 8,648.4 |
| XJO (ASX) Chart |