Last 6 Days Are Rare For SPYs
- Posted by JC Parets
- on November 14th, 2012
I thought this was interesting. It comes to us from the good folks at Sentiment Trader:
“This is the 7th time in the history of the S&P 500 tracking fund, SPY, that it closed in the bottom 40% of its intraday range (high minus low) for six days in a row. After all 6 prior instances, it rallied over the next two days, averaging +1.3%. If we broaden it to closing in the bottom 50% of its range, then there were 11 instances, and it rallied over the next two days 10 of those 11 times, averaging +1.1%. The edge dissipated after two days.
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) in 2008 and now actively manages money incorporating Technical Analysis and Behavioral Finance into his practice More
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