What's the "Smart Money" Doing?

The S&P 500 is up just over 5% since its June 1st closing low.  But how have we gotten there on an intraday basis?  Below we provide the average hourly performance of the index over this time period.  We also show the intraday performance of the S&P on days that the index finished up and days that it finished down.

The “smart money indicator” says that the so-called smart money trades at the end of the day, while the so-called dumb money trades at the open.  If this is the case, the smart money has been doing the bulk of the...

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