Futures are the vehicle through which the SPX is manipulated when the cash market is closed. This does not really address my question which basically is: is there a correlation between the TRIN close and the change in next day's open? I would have to say yes for extreme TRIN readings but I would love to see a study of it as I am sure other factors come to bear on the results. Furthermore how does the value of the TRIN close effect the probability? I am sure that this has been studied but no one seems to have published the results not even Richard W Arms, Jr., creator of the Arms Index or TRIN.
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