Could this signal a downturn as four of the last five repeats preceded declining prices? With the S&P500 down after yesterdays rise, while the DJIA and the NASDAQ closed higher for the second straight day, we see a forerunner of direction change.
But turn in which way? True, prices fell after four of these last five closes, but one occasion preceded the 2003/2007 bull market!
Now its true that the S&P500 close was just down by -.07 percent, a number not so far from positive yet this change is greater than two other of these closes, when they came to only -.03 and -.05 percent. Further with another close at -.07 percent, the same magnitude as todays, the majority of these previous occurrences indeed are as relevant by size as todays!
DJIA .03 percent
NASDAQ .06 percent
S&P500 -.07 percent
