One interesting aspect of Wednesday’s action was that the NDX suffered its worst decline in at least 20 days while SPX made a 20-day intraday high. This is something I’ve looked at for subscribers in the past, but never shown on the blog. When I previously examined other instances I found little in terms of short-term implications, but the intermediate-term implications appeared strong. Below are updated results.

Results here appear pretty strong throughout. The big NDX drop during an intermediate-term move higher for SPX has rarely derailed the rally. Most of the time it has been followed by additional gains.

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