S&P 500: Heading north? - BBH

Despite losing about 1.4% in the last two sessions, the S&P 500 closed 0.5% higher for its second consecutive weekly advance and gaps are an important part of price action, according to analysts at BBH. 

Key Quotes

“The rally in the first half of the week closed the old gap from the lower opening on March 22.  The losses in the second half of the week filled the gap created with the higher opening on April 17.  The key gap now was created on April 19 with the lower opening.  Its small gap (~2702.85-2703.65), but it could be important from a technical perspective the longer it is not filled.   Initial support is seen in the 2650-2655 area, and a break warns of initial risk toward 2635-2645.”