Mind The S&P Futures Gap From April 20th

On May 5th the top of the large 15 point up-gap from April 20th was tested but never attempted a fill.  Last week Wednesday, Thursday and Friday the tape again felt heavier.  We are thinking that should this April 20th gap again get tested it could then have a good chance of filling.  If the gap fills it would bring the S&P500 Futures down to just around the $1310 level, which would be below the 50 day moving average.  If for nothing else, use the above mentioned gap as a reference level.

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