Tuesday SPY managed to close at a 5-day low after going a whopping 24 days without doing so. The study below is one I have shown in the past. It examines times when  SPY closed at a 5-day low for the 1st time in over 2 weeks. All stats are updated.

Results here suggest a moderate upside edge.  I will also note that I looked at longer periods (15 days, 20 days) without a new low, and the 4-day results were very similar to those shown above. The lesson with this study seems to be that persistent uptrends normally wither before they die, rather than turn on a dime.

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