squeeze gap

Recent downside momentum in the markets was broken today with a wide gap up, triggering stops overhead.  Where did price resort back to?

SPY returned to the 50% retracement as measured High to Low (11/9-11/16), closing right above the 20-day

While the gap up (from the PDC to today's Open) couldn't quite extend to the 100% mark (came within 7-cents):

Monday SPY intraday

A look at the SPY for Monday 11.15
Price retraced 61.8% between the high of 11.11 and the low of Friday 11.12

  So, we gaped up this morning (upward momentum).  Drawing a Fib. retracement line off of the close on Friday and today's Open what do we see:

- Following the gap up momentum, price wicked the 50% retracement before returning to the Open.  NOTE: The above chart uses the closing time of 4:15 EST.  Using a closing time of 4EST  we get a nearly 100% retracement after the open and a 100% extension, the proportions of momentum and it's extension do not change).
- As price returned to the open the upward gap momentum carried us to a 50% extension.

The 15-min chart shows two strong bars early in the day (the green bar being a 2x-bar).  Notice the midpoint of these bars and their respective Support/Resistance qualities.

Using the squiggly line tool, we only really got one signal out of it today, that being a sell divergence (which would have been a test to sit through).