Time Of Daily High And Low
by Arthur A. Merill, C.M.T.
Does the time of the high for the day and the time of the low give a clue to the performance of the
market on the next day?
For example, suppose that the Dow Jones Industrial Average (DJIA) high point was at the opening and
the low at noon, followed by a rally in the afternoon. What are the prospects for the next day?
The answer can be found by consulting the record of market highs and lows. For classification, the hours
of the day could be represented by a digit. (See Figure 1.)
Using a two-digit classification, the first digit could locate the high for the day and the second digit the
low. For example, on a day with pattern type 26, the high was at 11 a.m. and the low was at 3 p.m.
The computer was asked to compare the record of high and low patterns to the daily DJIA. My hourly
data bank begins with 1971, so 19 years were reviewed. The results are in Figure 2.