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.
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