Monday, July 15, 2013

Observation -SPX had 8 up candles in a row

As noted, the SPX has had 8 up candles in a row that all closed higher than they opened and higher than the previous day.  I looked back 20 years and I could only find one other instance of this from 2003 and the next day was a down day.  I found quite a few instances where 6 and 7 up candles where formed in a row, but only one other 8 day example.

Either way, very short term the market is getting stretched and due for a reversion to mean quick pullback even if it's only for one day

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