Mega-Outside Days

Friday was what I call a mega-outside day. It didn’t just make a higher high and a lower low (a regular outside day). It actually opened below the low of Thursday and closed above the high of Thursday. This is unusual, and in the past it has led to a dip over the next few days.

Stats here look strongly negative over the first 1-2 days, with most of the downside occurring on day 1.