It is interesting that SPX came close to but was unable to close the downward gap during the day-session (Chart 1) - the gap is closed shortly after the close. It is also interesting to note that the gap is in a location where today's bounce could serve as a kiss of the prior base line IF a meaningful pullback is in progress (Chart 2). As discussed in ABC-down Looming (4/22/16), near term wave structures can support a minor higher high near term if the market chooses to do - which remains the case given today's price action.
