It often happens (although not tested) that a sports team (like the Knicks last night) makes a comeback only to lead to a heartbreaking loss. I tested this for S&P and found that moves from noon to 3:30 of 10 points or more, but still a deficit or small lead of 4 points or less, leads to victory in the market, i.e. continuation. Thus another seeming a dramatic comeback in the second half from a big deficit in the first half and moves out to close to a lead or a small lead. And then they lose. A comeback that leads to a loss just the same. I tested this for the market for comebacks of 10 or more points from noon leading to a small deficit of 4 or a small lead of 4. I found that in the market unlike my supposition of sports these comebacks lead to victories or continuations.





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