Archive
For the session on Monday, March 29 I published a Market Snapshot ( see Setups, Probabilities and Odds ) showing a list of potential setups based on the SPY's current open|high|low|close|first hour|last hour quotes and the then current number of cons
I'm just playing around with / testing a mechanism on how to quantify the next session's probabilities and odds for a higher / lower close on the then following session not only based on and triggered by a single setup on the previous session's close
Although the efficient-market hypothesis claims that prices of financial assets always exhibit random walk behavior and thus can not be predicted with consistency, history shows that there are a couple of favorable setups based on daily open|high|low
With Friday's session, the market showed a level of bullishness rarely observed over the course of the last 20 years:
The SPY (S&P 500 SPDR ETF) closed higher on the 11th consecutive session (now 4 occurrences since 01/01/1990),
The SPY hasn'
On Wednesday's session, and with respect to the SPY (SPDR S&P 500 ETF), Wilder's Relative Strength Index (RSI) for a 2-day period closed above 95 the sixth day in a row, and above 99 on the fourth consecutive session.
With respect to the latter,
The RSI-High/Low(2) indicator seems to provide a good indication that buyers will not let the market go down without a fight (see my posting Modified RSI(2), Buying Power and Intermediate-Term Outlook ).
But today's recovery from a significant intrad
During the last couple of sessions almost all major US market indices showed a remarkable strength concerning their ability to not only recoup almost all of their intraday losses (like on last Friday's session), but to close above the open as well. F