Post #3868 by musselmant on the Mechanical Investing board

If someone appears to be repeatedly personal, lean towards patience as they might not mean offense. If you are sure, however, then do not deepen the problem by being negative; instead, simply place them on ignore by clicking the unhappy yellow face to the right of their name.

- Manlobbi

Investment Strategies / Mechanical Investing

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CXO Advisory examined: Do opening gaps reliably indicate either reversal or continuation for the balance of the trading day? To investigate, the site related opening gaps to subsequent open-to-close returns for SPDR S&P 500 ETF Trust (SPY). Using daily SPY closes and opens, both adjusted for dividends, from the end of January 1993 (SPY inception) through late March 2025, they determined that:

Over the full sample period, average daily SPY opening gap is 0.040%, and average daily open-to-close return is 0.006%. The correlation between daily SPY opening gap and subsequent open-to-close return is 0.01, indicating little tendency for either reversal or continuation of the gap for the balance of the trading day.

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