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SPY and QQQ opened with significant price gaps on Friday that have yet to be filled, according to Walter Deemer. In addition, QQQ's Thursday gap up at 629.85 remains open.
Deemer suggests that the speed at which these gaps are filled, if at all, will provide insight into the strength of the current market trend.
Earlier this year, Deemer identified 657.03 as a key gap level for SPY, highlighting the potential for a breakaway gap if trading opened above that mark here. He has also noted that a 66 percent downside day did not meet significance, based on Lowry’s definition here. These observations provide context for his current focus on unfilled gaps in SPY and QQQ.