I went through a SPX daily scan and anticipated today to be a favorable day for SPX to go down. Why? Take note of the 12 orange circles I marked. Since mid February of '10 where there was a red candle with a very small red bar, the following day was a down day 7 out of 12 occurances. What is interesting is that within the 12 occurances all except two the following day had a significant move either upward or downward. More often than not since May it has been a downward move. Of course the day is not over yet, but with Beige book out and no other major news I would consider today the 12 occurance. Odds favor a big red candle finish for the day. However MACD is trending up, and therefore I think the market overall is still on an upward trend. Not sure if I would bet tomorrow being another down day.
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