If you glance at any price chart, you’ll notice that market tops and bottoms seem easy to spot in hindsight. But trends reverse for countless reasons, so it is virtually impossible to identify these turning points as they are developing.

Last year, we analyzed a reversal-day pattern to find out whether the stock market tended to change direction following bars that make new five-day highs (or lows) before closing below (or above) the previous day’s low (or high).

Here, we re -examine reversal patterns and search for scenarios that lead to short-term weakness or strength, using the S&P 500 tracking stock (SPY).