The S&P 500 is now down 7 out of 8 trading days, after having reached a 52-week high during the past two weeks. Of the four other times that's happened in the last 20 years, the index rebounded over the next three days each time (8/13/92, 12/6/96, 2/24/04 and 3/2/07). After the very short-term, performance was mixed. And prior to the last 20 years, performance in all time frames was in line or a bit worse than random, particularly two weeks later when the S&P was positive only 43% of the time.
-SentimenTrader