QuantitativeExhaustion

Bullish Ascending Channel with Breakaway Gap Filled

AMEX:SPY   SPDR S&P 500
1757 3 16
Breakaway Gaps starts a new trend and the gap often occurs on leaving a consolidation area, usually on high volume on the gap day, which can continue for several days. Price trends for several days. Look for a high volume gap and trade in the direction of the trend. The best performance comes from breakaway gaps in a bull market near the yearly high. In a bear market, trade those near the yearly low. Large breakaway gaps outperform small ones.

Average Time to Close the Gaps (bull market)

Breakaway gaps 136 days for upward breakouts, 168 days for downward breakouts.

http://thepatternsite.com/gaps.html
QuantitativeExhaustion QuantitativeExhaustion
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QuantitativeExhaustion QuantitativeExhaustion
If this is a great big wedge, market recovery, then we are narrowing and this should add to volatility going forward. If this chart pattern reading is correct we will continue to go higher (possible but doubtful test of upper trend), correct and retest a very strong support around SPY 142.
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