ER2 Gaps

I show 5 open gaps in the past 7 trading days for the ER2. Very unusual, I wonder how often that kind of trend happens.

I count 9 trading days but yes - very unusual.

They say all gaps fill eventually so I guess we are do for a rally back to near the highs which would make an easy trading decision for me if there wasn't the gap below from this morning. The question is, which gap or gaps will fill first?

I'm not sure if all gaps fill. I'm sure there are some gaps in the DJIA that are a hundred years old that will never fill. In a stock index, I would agree that all gaps above us have always historically filled and it is very unlikely that they would not fill.

If you take the last 5 trading days in the ER2 then I would say that we're right in the middle of the Value Area calculated using those days so the short term time frame trader is in charge of the markets for now.

I just ran a market profile using the last 5 trading days for the ER2 and it calculates the VAH as 841.4 and the VAL as 832.2 with the POC at 834.8. Given that we closed closer the VAH and the market traded over that today I would say that the probability favors breaking out to the upside rather than the downside.