S&P Futures Gap Higher, Settle Below Midpoint

Major market averages closed with solid gains Tuesday but finished well off session highs. S&P futures settled below the day’s midpoint, a sign of short-term weakness coming on a 3:1 positive breadth day. I found only thirteen days since 1990 in which the market traded similarly, all of which were in the last few years. In most cases, the relatively weak close in spite of the lopsided positive breadth usually led to a flat-to-down day the next session. Only once did the S&Ps close up more than 0.5%…

S&P Futures Close <Midpoint, NYSE Breadth 3:1+ Positive
08/17/10… S&P futures ??? next day
07/13/10… S&P futures +0.1% next day
02/09/10… S&P futures -0.3% next day
11/23/09… S&P futures -0.1% next day
10/06/09… S&P futures +0.5% next day
08/07/09… S&P futures +0.1% next day
07/30/09… S&P futures +0.2% next day
03/31/09… S&P futures +1.8% next day (*)
03/04/09… S&P futures -3.2% next day
01/06/09… S&P futures -2.7% next day
12/08/08… S&P futures -1.7% next day
09/19/08… S&P futures -2.6% next day
04/18/08… S&P futures +0.0% next day
06/15/07… S&P futures -0.1% next day

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

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