The historical tendency played out nicely today. SPY made 20-day low on expanded volatility forming a outside day. I did a quick check on the historical stats on 20-day low made by outside day.
Since 2002, there have been 19 such instances. 15 instances close higher with an average of 0.70% and 4 instance close lower for average -1.34%.
My interpretation is that market has high tendency to consolidate, but if it does not, weakness ensues.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment