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.