A nice example of this occurred in Friday's SPX trade. As longtime readers know, there are three things I find important to focus upon in the market. Those include an assessment of who is in the market and which way they are leaning. Two of the ways I measure this in the trading model I created is the total number of upticks and downticks among all listed stocks in the market (a measure of institutional participation) and a measure of "pure sentiment" that adjusts the put/call ratio for recent price movement and volume. Interestingly, both were elevated on Friday: we had increased institutional participation and this participation was significantly bearish. Since 2014, when this has occurred, the next five days in SPY have averaged a gain of +.62% versus an average loss of -.07% for the remainder of occasions, with 65% of occasions resulting in a winning five-day period.