Minutes Digest for Feb 11 2021

Futures traders have been pushing the major indexes higher seemingly every day. And not just for marginal gains of a few points. On 14 out of the past 20 sessions, the S&P 500 fund, SPY, has gapped up at the open by at least 0.2%, nearly the biggest cluster in its history.

Same goes for the Nasdaq 100 fund, QQQ.

And the Russell 2000 fund, IWM.

Averaging across all 3 funds since they all came into existence more than 20 years ago, today marks a new all-time high in at least moderately positive opening gaps.

This has mostly been unsustainable in the past, if we can rely on history at all in this market.