Interesting about the action on Friday was that SPY posted an unfilled gap down, and this occurred immediately following an unfilled gap up the day before.  The study below was appeared in  the Quantifinder.  It examines 2-day moves like SPY has just encountered.

Based on the numbers there appeared to be a moderate downside edge over the next couple of days. While I don’t always show it in the blog, I do always examine the profit curves of these studies, and I do always post the curves in the Subscriber Letter. With the stats borderling, I decided to include in the blog today as well. Below is the 2-day curve.

While the steepness has lessened some in recent times, there still appears to be a bearish suggestion. To me this study seems worth some consideration.

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