I am seeing a mix of evidence for both the short and long-term in recent days. The study below is one that triggered in the Quantifinder on Monday. It notes the fact that coming off an intermediate-term high on Friday, the selling Monday was broad but not extremely deep as measured by the SPX.

This type of broad selling will often see a deepening in the following days. Risks appear to far outweigh potential rewards when looking at metrics such as win/loss ratio and profit factor. The downside edge plays out quickly though, and has generally exhausted itself after the first couple of days.

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