The 3 day pattern puts the SP futures in good company!
I'm not one to jump on the "quarter-end window dressing" bandwagon. But there's little else to explain the dynamics of yesterday's action. Fueled only by early morning upgrades and positive comments from brokerage firms, the SP futures managed to post the biggest opening gain since mid-February and the largest closing gain (in points) for the SP futures since October of last year.
Be that as it may, the facts are in and the SP futures have placed themselves in very positive company with the most recent three day move. Both the pattern off the low and some of the technicals generated are similar to the October 2002 low and the March 2003 low. In the charts below, I've described the similarities. Remember that PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. This is a great space to present "fun facts" and historical comparisons. Although I'll always give you the facts, they may or may not conform to my views of the market. Good Luck!
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