I’m currently in a waiting mode, and believe the gaps will soon be filled. Commercial hedgers are pessimistic as well, see arrow at the bottom.

Plus, if you agree with the “Sell in May, go away” theory, there’s only 4 weeks left before the party is over for the summer.

This isn’t technically correct, but a possibility. The most positive spin I could put on this chart.

Level to watch is around 1525.