No Higher High after Tuesday’s 90% Up Volume Session

Since 1965, there have been a total of 65 separate 90%+ up volume sessions. In 57 out of 65 cases, or 88% of the time, the S&P500 posted a higher high the following session. Wednesday’s session falls into the small minority of days when the S&P failed to post a higher high after a 90%+ up volume day. Looking over the other occurrences, there’s a recurring theme of lower prices over the intermediate-term, with the S&P closing lower 5-6 trading days later in all eight cases. Losses weren’t particularly large, but the consistently weak performance suggests further upside from current levels will have a tough time holding…

S&P Fails to Post Higher High after 90%+ Up Volume Day
07/14/10… S&P500 ???
05/28/10… S&P500 -3.6% five sessions later
05/24/10… S&P500 -0.3% five sessions later
05/05/09… S&P500 -2.2% six sessions later
04/03/09… S&P500 -0.1% six sessions later
03/22/07… S&P500 -0.8% five sessions later
06/16/06… S&P500 -0.6% five sessions later
10/22/87… S&P500 -1.4% five sessions later
11/02/78… S&P500 -1.2% five sessions later

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

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