On Thursday, we had solid selling pressure through the day. My Adjusted TICK ended at -379, and my Institutional Composite (a similar measure akin to the TIKI, or Dow TICK) finished at -356. Since July, 2003 (N = 615 trading days), when these have both closed below -300 but above -500 (N = 33), the market has been up the next day 20 times, down 13 for an average gain of .25%. The sample overall shows an average next day gain of .04% (338 up, 277 down).
This weekend I will begin compiling the few basic patterns that this site will monitor on an ongoing basis for trading edge 1-3 days out.