Intraday Update (Selloff Continuing Following Monday’s Gap Down)

S&P currently down approximately 1%, a sizable selloff on the heels of Monday’s unfilled downside gap. Historically, a 1%+ selloff immediately following a downside gap has usually led to a bit more follow-through over the short-term. Since inception of the S&P contract, there have only been 23 occurrences of a 1%+ drop the day after an unfilled downside gap. In the last 20 cases, the S&Ps proceeded to post a subsequently lower close, either immediately or after a short-term bounce…

S&P Futures -1% following Unfilled Downside Gap
03/03/09… Lower S&P close two sessions later
10/07/08… Lower S&P close one session later
05/21/08… Lower S&P close two sessions later
11/18/03… Lower S&P close two sessions later
01/21/03… Lower S&P close one session later
09/24/02… Lower S&P close four sessions later
07/22/02… Lower S&P close one session later
03/12/01… Lower S&P close two sessions later
02/20/01… Lower S&P close one session later
09/15/99… Lower S&P close four sessions later
07/30/99… Lower S&P close two sessions later
05/06/98… Lower S&P close one session later
10/24/97… Lower S&P close one session later
12/12/96… Lower S&P close two sessions later
05/09/94… Lower S&P close two sessions later
03/25/94… Lower S&P close two sessions later
10/10/90… Lower S&P close one session later
08/22/90… Lower S&P close one session later
03/25/88… Lower S&P close five sessions later
11/30/87… Lower S&P close one session later
09/12/86… No lower S&P close within five sessions
07/15/86… No lower S&P close within five sessions
01/24/83… No lower S&P close within five sessions

Categories : Archived Intraday Commentary, Intraday Commentary

 Print This Post