Why We’re Likely to See a Close Above Tuesday’s Settlement by End of Week

46 out of the last 49 occurrences (94%) since 2005 led to a subsequently higher S&P close within the next three sessions, a solid indication that we’ll see S&P futures close above today’s settlement by the end of the week.

The pattern goes into effect at today’s close, given that S&P futures opened above the previous day’s high for a second consecutive session Tuesday. Historically, back-to-back gap openings is a good indication of positive short-term momentum, and there’s a strong tendency for price to continue trending higher over the next few sessions…

S&P Futures Open >Previous Session’s High Two Consecutive Days
05/31/11… S&P futures ???
04/21/11… S&P futures higher close two sessions later
03/25/11… S&P futures higher close two sessions later
03/21/11… S&P futures higher close three sessions later
03/01/11… S&P futures higher close one session later
02/28/11… S&P futures higher close three sessions later
01/12/11… S&P futures higher close two sessions later
12/29/10… S&P futures higher close three sessions later
12/21/10… S&P futures higher close one session later
12/13/10… S&P futures higher close one session later
12/10/10… S&P futures higher close one session later
04/05/10… S&P futures higher close one session later
03/17/10… S&P futures higher close one session later
03/02/10… S&P futures higher close one session later
02/17/10… S&P futures higher close one session later
12/29/09… S&P futures higher close one session later
12/28/09… S&P futures higher close four sessions later   (*)
12/24/09… S&P futures higher close one session later
09/09/09… S&P futures higher close one session later
09/08/09… S&P futures higher close one session later
08/24/09… S&P futures higher close one session later
07/21/09… S&P futures higher close two sessions later
07/15/09… S&P futures higher close one session later
06/01/09… S&P futures higher close one session later
05/07/09… S&P futures higher close one session later
03/16/09… S&P futures higher close one session later
12/31/08… S&P futures higher close one session later
11/25/08… S&P futures higher close one session later
10/14/08… S&P futures higher close fifteen sessions later (*)
05/14/08… S&P futures higher close one session later
04/16/08… S&P futures higher close one session later
04/02/08… S&P futures higher close one session later
03/19/08… S&P futures higher close one session later
01/25/08… S&P futures higher close one session later
12/24/07… S&P futures higher close one session later
10/29/07… S&P futures higher close two sessions later
09/27/07… S&P futures higher close two sessions later
09/19/07… S&P futures higher close six sessions later   (*)
08/23/07… S&P futures higher close one session later
06/01/07… S&P futures higher close one session later
04/17/07… S&P futures higher close one session later
04/16/07… S&P futures higher close one session later
03/09/07… S&P futures higher close one session later
08/16/06… S&P futures higher close one session later
08/15/06… S&P futures higher close one session later
06/30/06… S&P futures higher close one session later
05/26/06… S&P futures higher close three sessions later
12/27/05… S&P futures higher close one session later
11/18/05… S&P futures higher close one session later
02/01/05… S&P futures higher close one session later

Categories : Archived Intraday Commentary, Intraday Commentary

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