Longest String of Lower Lows in Over Two Years

Today marks the sixth consecutive session that S&P futures have traded below the prior day’s low, the first time in over two years we’ve seen six consecutive lower lows. Historically this has been an indication that a short-term bottom is at hand. Since 1990, we’ve seen this oversold price pattern a total of 26 times, 23 of which led to a higher S&P two sessions later…

Six Consecutive Lower Lows for S&P Futures
04/14/11… S&P futures ???  two sessions later
01/14/09… S&P futures +1.1% two sessions later
10/09/08… S&P futures +11.4%  two sessions later
06/25/07… S&P futures +0.4% two sessions later
11/03/06… S&P futures +1.5% two sessions later
05/24/06… S&P futures +1.7% two sessions later
01/22/03… S&P futures -2.0% two sessions later
12/09/02… S&P futures +1.4% two sessions later
10/10/02… S&P futures +4.9% two sessions later
09/24/02… S&P futures +4.1% two sessions later
07/24/02… S&P futures +1.2% two sessions later
04/29/02… S&P futures +2.2% two sessions later
12/14/01… S&P futures +1.7% two sessions later
08/10/01… S&P futures +0.1% two sessions later
07/26/99… S&P futures +1.0% two sessions later
07/27/98… S&P futures -2.1% two sessions later
04/03/97… S&P futures +1.8% two sessions later
10/29/96… S&P futures +0.5% two sessions later
03/01/96… S&P futures +1.6% two sessions later
10/25/94… S&P futures  +1.0% two sessions later
03/31/94… S&P futures  +0.4% two sessions later
10/25/93… S&P futures  +0.3% two sessions later
01/07/93… S&P futures  +0.2% two sessions later
04/02/92… S&P futures  +1.6%  two sessions later
01/09/91… S&P futures  +1.1% two sessions later
09/18/90… S&P futures  -2.2% two sessions later
04/24/90… S&P futures  +0.9% two sessions later

Categories : Archived Intraday Commentary, Intraday Commentary

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