Equity Indices Summary for May 22, 2020
Major World Indices Technical Analysis Market Overview Report for May 22, 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 HSI losing -5.56% and NKY closing -0.8% lower. On the flipside the best performers have been NDX closing 0.38% higher and SPX gaining 0.24%.
One of today's most interesting market conditions in the Major World Indices showed up in HSI: Among the 14 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Hang Seng. Out of 149 times, HSI closed higher 51.68% 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 61.07% with an average market move of 0.55%. Read more