A 50-Day High Heading Into Thanksgiving

This year we have seen strong upward momentum heading into Thanksgiving, with SPX closing at a new intermediate-term high on Wednesday. I decided to look back at other times SPX closed at a 50-day high on the day before Thanksgiving.

$SPX closes at 50-day high on Thanksgiving Wednesday

Results over the next 1-3 days appear quite bearish. I will note that there were a couple instances that occurred just prior to the sample set that were mildly positive over the 2-day period. But the poor performance over the last 30 years (9 instances) is notable and interesting. Below is the list of instances.

Wed-Mon results when Thanksgiving Wed closes at a 50-day high

Traders may want to take this under consideration when setting their trading bias over the next couple of days.

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