Under these circumstances, it appears bounces have been both reliable and powerful.
Wednesday, December 4, 2013
A Compelling 3-day Pullback Study
Tuesday marked the 3rd close lower in a row for SPY. Three-day pullbacks will often trigger a few bullish studies. The one below is the one I found most interesting. It was featured in last night's subscriber letter. It looked at other times that SPY had a 3-day pullback from a 50-day high, and that pullback was deep enough to put it below the 10ma, but not deep enough to see it at a 10-day closing low. I have updated the stats table below.
Under these circumstances, it appears bounces have been both reliable and powerful.
Under these circumstances, it appears bounces have been both reliable and powerful.
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