The last hour rally has been common lately. The last hour is often viewed as the “smart money” hour, when institutions place many of their trades. Some indicators track either just last-hour movement or 1st hour and last hour. While the market has consolidated the SPY has moved up in the last hour for 4 days in a row now. I looked at other situations like this.
Strong moves in the last hour are often interpretted as bullish. My rather simple test here shows no evidence of that going forward over the next week. I intend to explore the last hour concept in greater detail in the future.