Winning Streaks Are Made To Be Broken
Rally Streak continues for SPX, NDX
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I always think that winning streaks are made to be broken.
My friend Jeff Hirsch from the Stock Trader’s Almanac did a guest post in April 2014 about winning streaks, titled History Of SPY Daily Winning Streaks.
Here’s an updated look at Jeff’s thoughts: Still Bullish – Even After S&P 500 Daily Winning Streak Ends.
Our Lean — Danny’s Trade
MiM and Daily Recap
ES recap 15-min
The ES traded up to 4404.00 on Globex and traded 4402.25 on Wednesday's regular session open. After the open, the ES rallied up 4407.75 at 9:57, slowly dripped down to the 4388.00 level at 11:25, back-and-filled for the next 20 minutes, traded up to 4395.50 at 11:48 and then sold off down to new lows at 4375.00 at 12:09.
After the low, the ES rallied up to 4398.25 at 2:33 and chopped in a 4 to 6 point range until the ES popped up to 4404.75 as the early imbalance showed $545 million to buy. The ES traded 4401.50 as the 3:50 cash imbalance showed $1.635 billion to buy and traded 4398.50 on the 4:00 cash close. After 4:00, the ES pulled back to the 4394.25 level and settled at 4393.50 on the 5:00 futures close, down 4 points or 0.09% on the day.
In the end, it was a very choppy, low-volume day. In terms of the ES's overall tone, it was firm. In terms of the ES's overall trade, volume was low: only 181k traded on Globex and 1.137 million on the day session for a total of 1.318 million contracts traded.
NYSE Breadth: 33% Upside Volume
Nasdaq Breadth: 37% Upside Volume
Advance/Decline: 42% Advance
Last week: Back-to-back 80/80 days for A/D and NYSE Breadth
S&P 500 — ES Futures