BTIG: S&P 500 indicates negative short-term risk-reward outlook
) recorded an RSI above 67 and opened with a gap up of more than 0.80% on the day of the CPI release. This event is rather rare, having occurred only 12 times since 1993, with the most recent instance on June 5, 2020.
Looking at the best and worst outcomes from these last seven instances, the highest gain over the following five days was 1.21%, while the worst loss was 4.74%. This data suggests that the immediate term risk-reward ratio leans towards the negative side after such a signal. Interestingly, the best-performing sector of the day was Tech, a surprising development given the expectation for stronger performance from sectors like financials in the current market scenario.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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