Friday Fun Facts
Thank goodness it's Friday!
• With close below 1483.50, the NDH will have posted the sixth consecutive weekly decline. The futures have only done that twice before: Feb 2001 and March 1997
• There's an upward bias to the first five days of March. The SP futures have posted a net gain over the period in 14 of the last 21 years.
• Looking back to the action since the March low, the SPoos closed positive on the first day of the month 73% of the time.
• If we closed right here, the ND would close lower and the SP higher. Looking back since the March low, the last day of October and December closed the same way.
• I was looking at the breadth the last two days versus the actual price gain and there's a bit of a discrepancy. The number of advancing issues was more than 2,000 for the last two days. However, the net gain in the SPH for those two days was just 4.70 points. Since the March low, there were 19 occurrences of back to back 2,000 advancers and the average two day SP gain was about 15 points. The last two days clearly marked the smallest point gain across the sample. As for what it means, I threw this one out there for debate.
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