Just because the bid/ask > mkt p doesn't mean trading is being done below the bid.
Other things to consider are those traders who aren't able to hold overnight exposure and must close positions by EOD (why SP usually drops in last 10 minutes of session).
Stinker bids are placed for this to get in at bargains.
Once the stinkers are taken, there is no other offer supply in the market... Asks remain high, the price bids up, the spread remains wide but narrows as the bid approaches the ask, and mkt price is left at the stinker price (below the current bid/ask) until the next agreement is made.
The asks may drop to narrow the spread, like we see right now at 4.17, however, as I visualize it, this may be when the Grumans decide to jump in and hoard some more stock, knocking out many levels of asks.. Depending on how many asks they take out will determine the sell-off at the last minutes of the session where traders need to close out. If Grumans already closed them out, there will be no end of day selling volume, and no more stinker bids to start the next session, and Mkt P will eventually form a new bull range... Hence why it moves in steps. These steps are essentially created based on two variables: Hoarding Vs. Trading. Every time a new range (step) is taken, we can take (Step 2 range / Step 1 range) -1 to equal the approximate average DCA% increase of any hoarders (Grumans). The individual ranges of the steps are for the traders themselves (Step High - Step Low = traders potential profit per day). So as I see it, we are still in a trading range of the current step, and are waiting for the moment when the Grumans decide to bid up the price and remove the supply from the market to create the next step. Each step logically makes it more difficult for traders to achieve entry/exit accuracy, decreasing their incentive to trade. This means spread should gradually widen, lquidity becomes more thin, volatility increases, and a trigger headline such as a takeover could in fact make the price go bonkers, to the point where the entire supply is being hoarded.
*Please let's hope this is not a fantasy.