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Friday Had Weak Start and Strong Finish

Friday had an exceptionally weak start and strong finish.

 

By Rob Hanna

Such reversals during long-term downtrends have often failed to see further buying the next day. This can be seen in the study below.

2015-10-05 image1

The numbers here are solidly bearish. 70% of the time SPY (NYSEARCA:SPY) has closed down the next day and the average instance lost over 0.75%.

 

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