Wednesday the (Today's Close - Yesterday's Close) difference was just below the -0.5 Standard Deviation, and just below the 0.5 Standard Deviation on Thursday. In the past 3 years, the day following this scenario has closed below the previous day's close 60% of the time. The average of all data is -5.25 points. The average of bearish days is -17.25 points, and the average of bullish days is +13 points.
Much will depend on the Economic Reports:
- GDP 0830 ET
- PMI 0945 ET
- Consumer Sentiment 0955 ET
The market is currently testing the secondary, down sloping line.
Charles
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