An Updated Look At Fed Rallies To New Long-Term Highs

In “The Quantifiable Edges Guide to Fed Days” I discussed Fed Days that close at new highs.  The basic finding was that when the market closed at a short-term high on a Fed Day, then it was likely to pull back over the next few days.  But when it closed at a long-term high, then the rally was likely to continue.  Below is a study from the Guide that last appeared in the 9/14/12 blog.

This suggests further upside is likely over the next 1-2 weeks.