S&P 500 gaps up 2.08% then fills as intraday selloff erases gains

The S&P 500 opened 2.08% higher at 7,537.36 on June 5 before reversing to close at 7,383.74, filling the entire opening gap.

"The gap-up opening was fully retraced by the close, a textbook gap-and-fill pattern that signals the initial buying enthusiasm failed to hold," said Sarah Lin, equity market analyst at Edgen.

The session high of 7,541.81 was set shortly after the open, while the low of 7,368.63 came during the afternoon selloff. Trading volume totaled 3.54 billion shares as the reversal accelerated through the session.

The gap-and-fill pattern leaves the S&P 500 at the same level where it closed the prior session, suggesting the catalyst that drove the opening surge failed to sustain buying interest. The index's next directional move will depend on whether new catalysts emerge to break the stalemate.

This article is for informational purposes only and does not constitute investment advice.