One indicator I track on the website is the Nasdaq Volume Spyx. The volume Spyx calculation is proprietary but in general it looks at relative volume across multiple Nasdaq securities. Historically, very low readings have often been followed by quick declines and high readings have been followed by quick bounces. Below is a copy of the chart from the website.
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As you can see, the -13.76 reading is quite unusual. I ran a test back to 2000 to see how the QQQQ has performed following other readings below -10.
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While instances are a bit low there appears to be a significant downside edge over the next 2 days.
2 comments:
nope, no short term downside here. you can put your bearish studies away for this market.
LOL at anonymous^ why don’t you wait a couple of days before jumping to conclusions? I think this study is definitely something to consider especially because it matches up with the rise in the vix and topside resistance....
Please keep your close minded comments to yourself.
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