Equity Indices Summary for Oct 16, 2020
Major World Indices Technical Analysis Market Overview Report for Oct 16, 2020 | by Techniquant Editorial Team
With five out of the seven Major World Indices closing higher today, the ones that stand out on the positive side are DAX gaining 1.62% and FTSE closing 1.49% higher. On the flipside the worst performers have been NKY closing -0.41% lower and NDX losing -0.39%.
One of today's most interesting market conditions in the Major World Indices showed up in NKY: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Nikkei 225. Out of 266 times, NKY closed higher 59.02% 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 60.15% with an average market move of 0.72%. Read more