ETF IDMM Market Structure Heat Map — 7/17/2026

Gap Down Open → Limited Downside Expansion After Initial Displacement

Today’s ETF structure was dominated by gap-down openings, creating a different market condition than a typical Open Inside session.

The IDMM framework begins with the relationship between the Open and the mathematically defined ML/MS levels. When price opens displaced away from the prior range, the question becomes whether the market continues the initial move or mean-reverts back toward the Open.

Current Snapshot (12:00 ET):

ML1 Activity

ML1 Reached: 11 ETFs

Trading ≥ Open after ML1: 9 / 11 (81.8%)

Currently Extended to ML2+: 3 / 11 (27.3%)

MS1 Activity

MS1 Reached: 3 ETFs

Trading ≤ Open after MS1: 1 / 3 (33.3%)

Currently Extended to MS2+: 0 / 3

Reversal Structure

ML/MS Reversals: 2

Observations:

🔹 The majority of ETFs opened with downside displacement, but the expected continuation lower was limited.

🔹 Only a small number of ETFs reached the downside IDMM levels after the gap.

🔹 Upside recovery behavior was more prominent among the ETFs that reached ML1, with most remaining above the Open afterward.

🔹 The market is showing a pattern of initial gap displacement followed by consolidation rather than broad directional expansion.

This is another example of why measuring the market from the Open as a structural reference point is useful.

The question is not simply whether the market moved down at the open — it is whether that displacement produced measurable continuation, reversal, or return-to-open behavior.

Disclaimer: IDMM levels are source dependent because they are calculated from the session Open and normalized factors. Intraday values may vary by data source. This information is for research and educational purposes only and is not investment advice or a recommendation to buy or sell any security.