Monday’s S&P500 Buy/Sell Strength
Despite an underwhelmingly “bullish” close of +25 basis points, my charts aren’t showing much to get excited about. I recommend reading my post regarding last Thursday’s Buy/Sell strength, since not much has changed since then.
On another note, PPT stats win again. As noted by Fly last Thursday, there is a high liklihood that following a > 15% drop in the hybrid score, the next session closes up. It is difficult to predict how much up though, and although today’s gain was extremely small, a close up is a close up, so chalk that one up as a win. Go PPT!
I would like to see the stats for a week following each > 15% drop in hybrid score, to know if on average the market is higher or lower from that point. Anyone care to assemble that?
The PPT stats of “next day closes up” remind me of the probabilities behind consecutive closes. The more closes in a row in an given direction, the higher the odds for the following bar to reverse, but the rub is you just don’t know by how much, and its predictve value only extends for that one bar. Since we’re on this note, I should remind you all that we closed out June positive, which was the fourth back-to-back month higher, creating a greater chances for a July monthly close lower, below 919.32 (June’s close).
word
lovin them charts, as always
Thanks Hammy
GOOD call Danny! Wasn’t expecting such a horror show today
thanks. I can’t take credit though, my charts are telling me all I need to know.