Strong Breadth on Days the SPX Declines

With small-caps doing well on Friday but large-caps struggling the Up Issues % was unusually strong for a day that the SPX declined. The study below is from the Quantifinder and it looks at days like Friday where SPX declined despite strong breadth.

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The edge isn’t huge, but it does appear to be worth a closer look. The profit curve below gives a better idea of how it has played out over time.

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While the curve certainly appears choppy, it has persisted upwards. I believe this study is worth taking into consideration when determining my market bias.


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