Volume Spyx Indicator Suggesting A Pullback

Earlier this week I introduced the Volume Spyx indicator. Testing has shown that risks often outweigh rewards during days following low Spyx readings. We’ve now had three days in a row of readings below 30. Below is a test which looks at similar streaks:

Over the next 7 days there appears to be a bearish bias. Not seen in the above table is that 75% of instances closed below the entry at some point in the next 3 days, 84% in 5 days and 94% within 9 days. A decent sized pullback tends to occur at some point in nearly all instances.