I ran a test of performance following unfilled upside gaps that make a 20-day high. Below I’ve broken out the results by times the SPY closed above the open versus times where it closed below the open.
First let’s look at those times where the finish was relatively strong:
There doesn’t appear to be any edge in either direction here. Now let’s examine times like the present where SPY closed below the open.
These results are substantially better than earlier where the finish was good. Rather than worrying about the weak finish bulls should be excited by it.