JTH

Good morning

Last week we filled the lower 2-Aug gap and were waiting for a test of the 2nd gap from 1-Aug. As of Tuesday, both yellow-circled gaps are filled.

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From last Thursday after the 1st gap was filled, 76.7% of holdings had filled the 2-Aug gap and 61% of holdings had filled the 1-Aug gap.

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At present, 49.5% of all holdings have closed higher than the 2-Aug gap and 33.6% of holdings closed higher than the 1-Aug gap. But the gaps themselves are mostly filled. 83.1% of holdings filled the 2-Aug gap and 67.8% of holdings filled the 1-Aug gap. Most importantly, the gaps from the Top-50 are mostly filled, and the majority of unfilled gaps reside within the bottom half of weighted holdings.

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Another point of interest, in 7-sessions the index has regained half of the 15-session -9.71% loss.