Gaps in the S&P?????

As if the weight of the market momentum were not heavy enough here are gaps in the S&P.  Somewhat rare if we remember, but we don’t watch the S&P that closely.  We regard it as a further bearish sign.  

Same pattern and volume as the Dow.  Note the note pointing out that there is no recovery. About that time a bunch of technicians were trying to see a Kilroy (H&S) bottom setting up in the S&P.  We often caution our graduate students against seeing bunnies and other phantasms in the clouds.

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