(Note – the table below was corrected from an earlier post.)
Wednesday marked the 5th day in a row that SPX closed lower. The study below was noted yesterday afternoon by the Quantifinder. It examines 5 lower closes above the 200ma and also above a 20-day low. All results are updated.
Based on the stats table there appears to be a bullish inclination, especially over the first 2-3 days. I have actually seen a large number of studies the last couple of days suggesting a bounce is likely. To this point those studies have not mattered. At some point they will, but the market environment appears a bit more dangerous than usual. Still, from what I am seeing, there certainly appears to be a strong chance at a bounce in the coming days.
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