SPY and QQQ must rally to fill downside gaps, Walter Deemer notes

SPY and QQQ must rally to fill downside gaps, Walter Deemer notes
SPY and QQQ downside gaps observed

Downside gaps appeared this morning for the SPY and QQQ charts, according to Walter Deemer. Deemer stated that SPY would need to rally to 768.40 and QQQ to 719.71 to fill these gaps, adding that the speed at which these gaps are filled, if at all, can provide insight into the strength of the underlying trend.

Earlier this year, Walter Deemer drew parallels between recent market divergence and the major stock market crash that occurred in May 1962 in his commentary. He also noted that QQQ has shown a series of unfilled downside gaps, including levels at 759.10 and 720.48, in a prior update. These observations form part of Deemer’s ongoing analysis of market gaps and their potential implications.

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