Equity Indices Summary for Feb 14, 2020
Major World Indices Technical Analysis Market Overview Report for Feb 14, 2020 | by Techniquant Editorial Team
With four out of the seven Major World Indices closing lower today, the ones that stand out on the negative side are NKY losing -0.59% and FTSE closing -0.58% lower. On the flipside the best performers have been HSI closing 0.31% higher and NDX gaining 0.29%.
One of today's most interesting market conditions in the Major World Indices showed up in SPX: Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for S&P 500. Out of 128 times, SPX closed higher 61.72% 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 67.97% with an average market move of 0.36%. Read more