With May 1st upon us, it’s time to look at the number of overnight gaps and gap fills in the DIA (Dow Jones ETF) for the month of April.

I am testing for overnight price changes greater than $0.20 (20 Dow points) in the ETF.

Of the 22 trading days in April, 14 resulted in an overnight gap greater than $0.20, and of these, 9 gaps ‘filled.’

Thus, 67% of the trading days experienced an overnight gap, and of these, 64% of the gaps filled at some point intraday.

Here’s a quick summary:

14 trading days gapped (up or down)

9 of these gaps filled

6 “up gaps” filled

3 “down gaps” filled

5 gaps were not filled at all.

So far for 2008 (to keep a running total):

64 days have resulted in an overnight gap of at least $0.20

41 of these gaps have filled intraday

23 ‘up gaps’ have filled

18 ‘down gaps’ have filled

23 gaps have not filled

77% of days had a gap of $0.20

64% of these gaps have filled.

See previous month totals below:

January Gap Fade Statistics
February Gap Fade Statistics
March Gap Fade Statistics

(Note: I am now using a spreadsheet I created in Excel which makes calculation easier, more accurate, and faster than doing it by hand)