Ah yes...

S&P 500 high on Dec 18th, 1103.74

S&P 500 low on Dec 21st 1105.31

We mentioned in this week's summary that we should not forget these gaps - looks like the market yearns to fill the first green circle (gap) today.

[click to enlarge any chart]

This was the chart coming into the week....

And the chart now... what a striking difference in 4 days.

Best case for bulls is that first gap fills and then a flurry of SPY buy orders show up (out of the blue of course - as has been the case for 10 months) to close the S&P 500 over 1115.  Outside of that scenario, caution remains in order.

EDIT - as I typed that piece the market slunk to 1104.94 and now bouncing quite sharply.  The computers are working on overdrive today.