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.

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.

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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