SPX Falls 1% Intraday, New 20-day Lows Fail to Expand

Interesting to note that with the S&P500 trading more than 0.5% below yesterday’s low, new 20-day lows remain at 224, well below yesterday’s final reading of 311. Typically you’ll see an expansion of new 20-day lows when the SPX trades below the previous day’s low given that this is a much more sensitive measure than the 52-week high/low data. When this doesn’t occur, it’s a supportive sign for stocks, and the S&P has a strong record of posting a subsequently higher close within the next four sessions. Of the last 30 occurrences, all 30 led to a higher SPX close within four days…

S&P500 Trades 0.5%+ Below Yesterday’s Low, New 20-day Lows Contract
06/30/10… S&P500 +2.9% four days later
02/23/10… S&P500 +1.0% one day later
01/29/10… S&P500 +1.4% one day later
12/31/09… S&P500 +1.6% one day later
10/30/09… S&P500 +0.7% one day later
07/07/09… S&P500 +0.2% two days later
06/16/09… S&P500 +0.7% two days later
06/03/09… S&P500 +1.2% one day later
04/28/09… S&P500 +2.2% one day later
04/14/09… S&P500 +1.3% one day later
04/01/09… S&P500 +2.9% one day later
03/20/09… S&P500 +7.1% one day later
03/03/09… S&P500 +2.4% one day later
02/23/09… S&P500 +4.0% one day later
12/18/08… S&P500 +0.3% one day later
11/21/08… S&P500 +6.5% one day later
10/27/08… S&P500 +10.8% one day later
10/09/08… S&P500 +10.3% two days later
10/07/08… S&P500 +0.7% four days later
09/22/08… S&P500 +0.2% two days later
09/18/08… S&P500 +4.0% one day later
09/17/08… S&P500 +4.3% one day later
08/07/08… S&P500 +2.4% one day later
07/28/08… S&P500 +2.3% one day later
03/27/08… S&P500 +3.4% three days later
01/25/08… S&P500 +1.8% one day later
01/08/08… S&P500 +1.4% one day later
01/07/08… S&P500 +0.3% three days later
12/18/07… S&P500 +0.4% two days later
11/12/07… S&P500 +2.9% one day later

Categories : Archived Intraday Commentary, Intraday Commentary

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