Follow-through Pattern on the Weekly SPX Chart

TICKscore settled at +14, Cumulative TICK +69,000. New 52-week highs increased from Thursday’s session  but remain well below levels seen at the beginning of last week. Semiconductors were notable underperformers, tilting the odds in favor of a lower Nasdaq settlement (below Friday’s close) by midweek (see intraday update). The S&P500 posted a fourth consecutive up week, making last week’s high at SPX 1018 a key level to watch this coming week. A break of 1018 would suggest the weekly trend remains intact. The table below lists each of the last thirty instances in which the S&P500 initially posted four consecutive up weeks and the SPX proceeded to take out the most recent weekly high the following week. Note that in 26 out of 30 cases, or 87% of the time, the S&P managed to hold onto the gains through the end of the week…

S&P Up Four Weeks, Most Recent Weekly High Exceeded
04/03/09… S&P500 Higher Highs Next Week, Ends +1.7%
10/05/07… S&P500 Higher Highs Next Week, Ends +0.3%
04/27/07… S&P500 Higher Highs Next Week, Ends +0.8%
10/20/06… S&P500 Higher Highs Next Week, Ends +0.6%
11/18/05… S&P500 Higher Highs Next Week, Ends +1.6%
07/22/05… S&P500 Higher Highs Next Week, Ends +0.0%
09/03/04… S&P500 Higher Highs Next Week, Ends +0.9%
12/19/03… S&P500 Higher Highs Next Week, Ends +0.7%
09/05/03… S&P500 Higher Highs Next Week, Ends -0.3%
05/09/03… S&P500 Higher Highs Next Week, Ends +1.2%
11/01/02… S&P500 Higher Highs Next Week, Ends -0.7%
08/16/02… S&P500 Higher Highs Next Week, Ends +1.3%
08/25/00… S&P500 Higher Highs Next Week, Ends +0.9%
11/12/99… S&P500 Higher Highs Next Week, Ends +1.9%
09/03/99… S&P500 Higher Highs Next Week, Ends -0.4%
07/10/98… S&P500 Higher Highs Next Week, Ends +1.9%
02/20/98… S&P500 Higher Highs Next Week, Ends +1.5%
05/23/97… S&P500 Higher Highs Next Week, Ends +0.1%
11/22/96… S&P500 Higher Highs Next Week, Ends +1.1%
02/09/96… S&P500 Higher Highs Next Week, Ends -1.3% (*)
02/17/95… S&P500 Higher Highs Next Week, Ends +1.3%
08/13/93… S&P500 Higher Highs Next Week, Ends +1.3%
12/04/92… S&P500 Higher Highs Next Week, Ends +0.4%
12/27/91… S&P500 Higher Highs Next Week, Ends +3.2%
02/08/91… S&P500 Higher Highs Next Week, Ends +2.7%
11/24/89… S&P500 Higher Highs Next Week, Ends +1.9%
07/28/89… S&P500 Higher Highs Next Week, Ends +0.5%
06/02/89… S&P500 Higher Highs Next Week, Ends +0.4%
04/21/89… S&P500 Higher Highs Next Week, Ends +0.0%
01/27/89… S&P500 Higher Highs Next Week, Ends +1.1%

Categories : Archived EOD Commentary, End-of-Day Commentary

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