Saw an interesting study recently that said the SPX hasnt had any periods of more than 6 hours (HOURS!) of non-profitability. Ie, you could buy AT ANY POINT since March and be up within 6 hours!!
Lately we've been seeing more of these teaser pauses in the market, and I'd be interested to see if yesterday's peak lasts for more than six hours. If so, I'll imitate Charlie Brown and believe that THIS time is the time.
link to article:
(will find it, check back later)
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3 comments:
How does this fit with the many 50 point pullbacks the S&P has had since March?
You know us bears are so damaged here that none of us think this could be the real deal.
We've had many patterns break the past few days:
1). First down Fed day in a long time. This is the biggest.
2). Since March the market has made an overnight/premarket high and low. During rally times, the low may or may not be hit during the cash session but the high has always been hit or exceeded. So far we didn't see that today as the high was hit at 8:45 AM ET. This is also very big.
3). Since 9/1 the market has closed in the direction the futures has been indicating. Today and yesterday the market opened higher but closed lower (so far today).
Aditya, you're absolutely right about the assertion being wrong. A quick glance at the SPX daily even shows its not true. Thanks for that.
In hindsight, I believe the stat was more of a general "9 times out of 10" type that I mis-remembered.....
And also, very interesting patterns that did break as you pointed out. Thanks.
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