Market Makers continue to proceed to the 16.83 degree upper trend line discussed on August 26, 2024, At this point there are still two open futures gaps. On August 8, 2024 and August 15, 2024 gaps were created in the Dow and S&P500 futures 5- minute charts. The majority of gaps created in these futures have a high probability of filling within a 5 day window. A sampling of 22 gaps in the Dow futures 5-minute chart between January 17, 2024 and August 4, 2024 were identified. Out of this sample 15 filled in less than 5 days. Five filled between 5 and 15 days, and 2 filled after 15 days. The Dow gaps noted above have been open 19 days and 12 days, respectively. Based on historical data, this indicates both gaps should fill before the September options expiration date.
Note that this information is for educational purposes only and not a recommendation.
Charts courtesy of StockCharts.com.
