SPY Set to Trigger a Bullish Signal for Friday

We’re currently working on the third consecutive session that the SPY has opened higher but settled below the open, creating a black candlestick. The table below lists the last thirty separate occurrences when the SPY has traded in an identical manner, opening higher but closing below the open three days in a row. Note that in 25 out of 30 occurrences, or 83% of the time, the SPY posted a higher close the following session, significantly better than the 53% at-any-time odds for a higher SPY close the next day…

SPY Opens Up, Closes Below Open Three Consecutive Days
09/10/08… SPY -0.0% next session
07/28/08… SPY +2.1% next session
07/07/08… SPY +1.8% next session
12/20/07… SPY +0.9% next session
05/24/07… SPY +0.4% next session
12/22/06… SPY +0.6% next session
04/03/06… SPY +0.6% next session
12/21/05… SPY +0.5% next session
11/30/05… SPY +1.0% next session
10/06/05… SPY +0.3% next session
08/23/05… SPY -0.9% next session
01/25/05… SPY +0.3% next session
01/03/05… SPY -1.2% next session
11/30/04… SPY +1.1% next session
11/03/04… SPY +1.4% next session
07/19/04… SPY +1.3% next session
02/20/04… SPY -0.3% next session
01/30/04… SPY +0.4% next session
09/26/03… SPY +1.0% next session
07/30/03… SPY +0.2% next session
07/16/03… SPY -1.4% next session
06/23/03… SPY +0.1% next session
04/07/03… SPY +0.2% next session
03/25/02… SPY +0.6% next session
02/28/02… SPY +2.3% next session
01/09/02… SPY +0.4% next session
10/03/00… SPY +0.8% next session
09/27/00… SPY +1.3% next session
06/12/00… SPY +1.9% next session
02/11/00… SPY +0.6% next session

Categories : Archived Intraday Commentary, Intraday Commentary

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