I mentioned a little more than a month ago that gaps on stock charts tend to want to be filled. It's one of many old sayings among stock traders. As old sayings tend to go, they're not right all the time, but they're right often enough for people to notice the pattern.
The broader market did indeed rally to fill those gaps, just as I suspected it might.
It looks like there's some resistance around 4180 or so. The MACD is on the high side and the two lines are beginning to converge, so I'd look for the market to begin a decline with the next couple of weeks.
It should be obvious to everyone by now, but I'll say it anyway: we're in a stagflationary environment, and we've been in one for some time. We need a Paul Volcker, but we don't have one, so we'll be stuck here for a while.
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