When the S&P500 Closes at a Six-Month High

Noteworthy that on Thursday the S&P500 closed at a fresh six-month high. Each of the last thirty separate instances in which the S&P500 initially closed at a six-month high (meaning it did not close at a six-month high the previous session) are listed in the table below, along with the performance of the S&P the next day. Note the definitive tendency for the market to settle near unchanged levels the next day. Not once out of the last thirty cases did the S&P gain 0.5% or more the next day, and in only three cases did it lose 0.5% or more, suggesting range-bound trade today…

S&P500 Closes at a Six-Month High
07/30/09… S&P ??? next session
07/23/09… S&P +0.3% next session
07/20/09… S&P +0.4% next session
06/11/09… S&P +0.1% next session
06/01/09… S&P +0.2% next session
10/09/07… S&P -0.2% next session
10/05/07… S&P -0.3% next session
07/19/07… S&P -1.2% next session
07/12/07… S&P +0.3% next session
05/30/07… S&P +0.0% next session
05/18/07… S&P +0.2% next session
05/16/07… S&P -0.1% next session
05/09/07… S&P -1.4% next session
05/02/07… S&P +0.4%  next session
04/25/07… S&P -0.1% next session
04/20/07… S&P -0.2% next session
04/16/07… S&P +0.2% next session
02/20/07… S&P -0.1% next session
02/14/07… S&P +0.1% next session
02/07/07… S&P -0.1% next session
02/01/07… S&P +0.2% next session
01/24/07… S&P -1.1% next session
01/12/07… S&P +0.1% next session
12/14/06… S&P +0.1% next session
12/04/06… S&P +0.4%  next session
11/21/06… S&P +0.2% next session
11/14/06… S&P +0.2% next session
10/23/06… S&P +0.0% next session
10/12/06… S&P +0.2% next session
10/10/06… S&P -0.3% next session
10/04/06… S&P +0.2% next session

Categories : Archived Intraday Commentary, Intraday Commentary

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