SPY close analysis 8/9/2023

Gaps, gaps, and more gaps! Let's talk about that "holy moly gap." Bulls keep defending it. Every wick is being bought right up. That said, the bulls have failed to close into the gap above completely for 2 days straight.

Time is running out for the upside (leave that gap above unfilled long enough and it'll become resistance) and CPI is tomorrow. Anything could happen in this support/resistance sandwich. I remain optimistic for upside and a test of 469 before a major meltdown.

Comment:

While today's CPI reaction felt bearish overall, there's literally no change to this chart. We landed right on top of the holy moly gap AGAIN.