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Journal of Technical Analysis - Market Technicians Association

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8<br />

Chart 1<br />

Chart 2 displays an arrow each time the S&P 500 has rallied 8% 21 or more over a five- day period. See Appendix 1 for all signal dates.<br />

Chart 2<br />

Five-Day ROC +8%<br />

Note that the periods during which those extraordinary events occur are <strong>of</strong>ten proximate significant turning points. 22<br />

21 We are not the first to notice the predictive ability <strong>of</strong> this raw Five-day ROC data<br />

22 Readers should note that prior to March, 1957, the S&P 500 consisted <strong>of</strong> only 90 stocks and was therefore less suitable to general market analysis<br />

Jo u r n a l <strong>of</strong> <strong>Technical</strong> <strong>Analysis</strong> • 2008 • Issue 65

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