Combined perspectives can have their use, as well. Suppose we look at the total number of buy *and* sell signals each day. Interestingly, when we have many buys and sells (top quartile), the next 10 days in SPY have averaged a gain of +.33%. When we've had very few buys and sells (bottom quartile), the next 10 days in SPY have averaged a gain of +.59%. All middle occasions have averaged a loss of -.06%.

Think about how momentum and value operate, and then think what it means to have many versus few trading signals. Think about cycle structure and when you'd expect to have many and few trading signals. We can learn a lot once we tease apart strength and weakness and view markets multidimensionally.