Turnaround Tuesday?

With the SPX now falling 3 days in a row I’m begining to see signs that a bounce is becoming likely.  One bit of evidence identified by the Quantifinder last night was based on the “Turnaround Tuesday” concept.  I’ve shown before that of all days Tuesday has historically had the highest propensity to halt a short-term pullback.  The study below is specific to a 3-day pullback leading up to a Tuesday.  It was last seen in the blog on August 24, 2010.  I’ve updated the results.

Results still appear to strongly favor the bulls.  The market is looking at a gap down this morning so it will be interesting to see if it can overcome the negaive momentum and make the turnaround today or in the next few days.