Trend Quality Index: S&P

Like most stock indexes, the S&P's TQI has historically positive bias.  Although this tool reflects sequential condition rather than specific timing effects, periods of negative TQI have generated significantly below-average returns.

This relationship is evident in the six years shown here...with the notable exception of the 2003 rally which was vigorous and sustained in spite of entirely in a negative-TQI behavior throughout.

At this writing, the S&P's recent  TQI is at its most negative reading ever seen.

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