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On top of how top heavy the S&P 500 is right now, there is another funky thing happening: GAPS.
The S&P 500 seems to be gapping almost every day.
Once it gaps open or closed, that seems to be about it.
The market tends to move in the direction of the gap through the morning.
Then at the end of the day the market gives it right back.
Take a look at the candles
Notice the trend of smaller candles and lots of gaps.
What does this mean for markets?
Overnight trading tends to be wonky and can lead to some weird intraday trading when markets are thin…as they are now.
This might be another piece of the top heavy market.
VIX futures are still backward…sans May. May has fewer than 2 weeks, so we are now paying attention to June Futures.
The VIX light is yellow
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