When the previous day is a down day like Friday, and today's open is less than the previous day's high but greater than the previous day's close, the gap will close about 75% of the time. This is the gap between today's 0930 ET open and the previous day's close at 1615 ET. Currently, the market is well off the overnight high of 1171, but still has not yet closed the gap. The overnight low, so far, is 1164.
Charles
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