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Walter Deemer highlighted the significance of the 657.03 price level during overnight trading for SPY. According to Deemer, a breakaway gap could form if SPY opens above this threshold. He observed that trading has fluctuated around this level throughout the night.
The commentary points to ongoing market attention on SPY’s overnight performance.
Deemer has previously noted a 66 percent downside day at 11:00, emphasizing that such a move carried no market significance by Lowry’s definition. In another report, he observed an 83% upside day at 10:30, explaining that two consecutive events are needed to establish significance. These earlier assessments show Deemer's focus on precise criteria for interpreting market signals.