SPDR S&P 500 ETF's rare rally streak of gaps warns of near-term weakness

The last time the SPY rose like it did last week, it fell more than 7% over the next few weeks

The SPDR S&P 500 ETF’s big rally last week was very rare, as it accomplished something that has happened only three other times since its inception 30 years ago.

The SPY low on Friday of $433.01 was 0.5% above Thursday’s intraday high of $430.92, Thursday’s low was 0.7% above Wednesday’s high , and Wednesday’s low was above Tuesday’s high of $418.53. What followed after that gap-up streak was a three-week selloff, in which the SPY fell as much as 7.3% to a five-week low of $326.54 on Oct. 30, 2020, before resuming their rally.

And following the 2023 triple gap-ups, the SPY bounced around in a relatively narrow range for about six weeks. The closing low of that range was $404.36 on April 26, or 1.2% below where the gap-up streak ended.

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