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Tuesday was the fifth consecutive session with zero program trades. That’s only occurred eleven separate times since I began tracking this data in 2014. Stocks generally remained on an upward trajectory over the next five sessions, although moves were generally small. Max loss was 0.6%.

Also note the cluster of signals in 2017 and 2021, both years that started out strong and finished strong. It looks like a third cluster is taking shape right now.

Zero Program Trades Five Consecutive Sessions
06/25/24… SPX ???
05/10/24… SPX +1.6% five sessions later
11/17/21… SPX +0.3% five sessions later
08/09/21… SPX +1.1% five sessions later
06/30/21… SPX +0.5% five sessions later
02/08/21… SPX +0.4% five sessions later
08/09/18… SPX -0.5% five sessions later
11/16/17… SPX +0.7% five sessions later
10/04/17… SPX +0.7% five sessions later
09/13/17… SPX +0.4% five sessions later
07/19/17… SPX +0.2% five sessions later
06/23/17… SPX -0.6% five sessions later

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