5 to 10 day consolidation, low volatility where buyer and seller at equilibrium
Range expansion preceded by a negative day indicates start of a fresh swing (shake out light)
Range expansion after a series of narrow range day
Buy on first day of the swing as soon as range expansion is signalled
Second day driven by residual buyers, newsletter followers or slow reactors.
Third day novice notice the move and get excited, professionals sell and third day buyers becomes bag holders.
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S&P 500 Inclusions
Significant positive abnormal returns on the announcement day
Although later on positive returns are observed, they are not statistically significant.
On the 4th week after the announcement significant negative abnormal returns are exhibited, suggesting that there has
been an overreaction or that demand from the institutional market