Market Could Bounce, But Tuesday Isn't Providing Its Usual Help

Tuesdays are renowned for short-term trend reversals. I discussed this in the 1/13/09 Blog and I’ve shown it a number of times since using different filters.

So Monday afternoon I took a look at 2-day drops above the 200ma on a Monday. Results were choppy and unremarkable. I then added one more filter in that the SPY had to close at a 5-day low. I was surprised by the results.

It appears that under these conditions, Tuesdays do NOT provide an upside edge. In fact, there appear to be bearish implications with the setup.

While I am seeing other evidence that the market may bounce here shortly, Tuesday seasonality does not seem to be providing the upside reversal edge it often does.