When a Surge in New 52-week Lows Coincides with a Higher SPX Close

New 52-week lows surged higher during this morning’s selloff, topping 1,000 on the NYSE and over 700 on the NASDAQ. The combined number of new lows is at a 40-day high. Historically, a 40-day high for this number that coincides with a higher SPX close is a negative indication for the following session. This has occurred a total of 34 times since 2005, 23 (68%) of which led to a lower S&P close the next day, a significant edge over the 45% random chance for a lower S&P close one day later…

Combined New 52-week Lows Hits Two-Month High, SPX Closes Higher
08/03/11… S&P -4.8% one session later
05/12/11… S&P -0.8% one session later
01/14/11… S&P +0.1% one session later
04/19/10… S&P +0.8% one session later
02/05/10… S&P -0.9% one session later
11/02/09… S&P +0.2% one session later
07/06/09… S&P -2.0% one session later
03/06/09… S&P -1.0% one session later
09/16/08… S&P -4.7% one session later
09/11/08… S&P +0.2% one session later
07/01/08… S&P -1.8% one session later
06/30/08… S&P +0.4% one session later
06/23/08… S&P -0.3% one session later
06/09/08… S&P -0.2% one session later
01/09/08… S&P +0.8% one session later
11/20/07… S&P -1.6% one session later
11/02/07… S&P -0.5% one session later
10/22/07… S&P +0.9% one session later
08/16/07… S&P +2.5% one session later (*)
08/06/07… S&P +0.6% one session later
07/25/07… S&P -2.3% one session later
07/12/07… S&P +0.3% one session later
06/27/07… S&P -0.0% one session later
06/08/06… S&P -0.5% one session later
05/15/06… S&P -0.2% one session later
04/13/06… S&P -0.3% one session later
04/10/06… S&P -0.8% one session later
03/08/06… S&P -0.5% one session later
09/22/05… S&P +0.1% one session later
09/16/05… S&P -0.6% one session later
08/29/05… S&P -0.3% one session later
03/23/05… S&P -0.1% one session later
03/17/05… S&P -0.1% one session later
01/12/05… S&P -0.9% one session later

Categories : Archived Intraday Commentary, Intraday Commentary

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