A couple of analogs suggest that an early attempt by Snapper could provide good short entry for Boo. On Monday, the SP futes reversed course to form an outside day with close above the prior day's high. Normally, that's a constructive pattern. However, Boo's crew took the helm from the open yesterday. By holding the index below Monday's high, the SP finished with an inside day and a lower close. On its own, that pattern (outside day close above high followed by inside day lower close) is bearish for today. There were 21 occurrences with the day's close ending in the red 74% of the time.
But when I powered up this morning to see the futes in the red, I ran another query that stipulates simply: SP futes record an inside day and then open BELOW the prior day's low (as futes currently suggest). The results are outlined in the table below. Naturally, past performance does not indicate future results but the pattern sets up a "sell rally" approach to the day.
On a sidenote, Collins put forth an excellent collection of Randoms yesterday but one hit close to home. The University of Kentucky added some top basketball recruits in the offseason. If everyone stays healthy, I'm dreaming of '96-'98 already.
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