The dotted lines at the bottom of the previous gaps (up) on SPY show that even during an uptrend, most bullish gaps are backfilled before the trend resumes. With SPY poised to gap higher today just as it did last Monday, that will leave two recent gaps as likely pullback targets, should SPY not want to leave any unfinished business behind. Also worth noting is the fact today’s pending gap up is currently poised to take SPY to the 200-day SMA as well as just below the 302.50ish price resistance level on the daily chart. The 60-minute chart is shown below with today’s pre-market session trades in the highlighted area.
SPY 60m May 26th