Equity Indices Summary for Nov 08, 2019
Major World Indices Technical Analysis Market Overview Report for Nov 08, 2019 | by Techniquant Editorial Team
With four out of the seven Major World Indices closing higher today, the ones that stand out on the positive side are NDX gaining 0.44% and NKY closing 0.26% higher. On the flipside the worst performers have been HSI closing -0.7% lower and FTSE losing -0.63%.
One of today's most interesting market conditions in the Major World Indices showed up in SPX: Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for S&P 500. Out of 64 times, SPX closed higher 56.25% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 67.19% with an average market move of 0.10%. Read more