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Counter-Trend Tuesday


I've always liked Tuesdays!


In yesterday's Follow Up column, I mentioned that a close of down more than 1% in the SP futures suggested a high probability of a "Counter-Trend Tuesday" trade. For the last two days the SP futures have closed down more than 1% and each day failed to trade higher prices. By stipulating that the next day is a Tuesday, there were just five occurrences.

Given the action in the overnight futures, I'm inclined to think the results will accurately predict today's trade: higher open, push lower, higher close. All five results opened higher by at least .54% (as are current SP futures). In addition, all five results traded lower on the day by an average of just -.38%. Finally, four of the five closed higher with the lone exception closing just fractionally lower. The columns below represent the open, high, low and close in % for the SP futures.

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