Fooled — But Not by Randomness

In the S&P 500, intraday highs are retested 85 to 90 percent of the time.

Especially if they form in the morning or early afternoon, and especially in the absence of major news events.

To 6273.50

That means when a top like 6281 is set — and never touched again — you’ve just witnessed a 10 percent or lower probability event.

Now layer this on:

• The entry was preemptive,…