Why Wednesday’s Disappointing Afternoon May Be Bullish

By Rob Hanna

After a couple of large down days and a big gap up Wednesday morning, the rest of Wednesday was a disappointment for the bulls. But the failure to follow through on the morning strength is not necessarily a bad sign looking out over the next couple of days. The study below from the Quantifinder was shown in last night’s subscriber letter.

2018-11-23

Instances are very low here, but we see some examples of powerful buying over the next few days. While I am seeing a mix of studies right now, this one favors the bulls. Traders may want to keep this in mind as they consider their trading bias.

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Gary

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