Buy signal today from Barclays timing indicator, with 90% accuracy

“Battered traders looking for a reason to wade back into this week’s turbulent market just got one from a Barclays Plc model with a solid track record.

The firm’s Equities Timing Indicator, known as BETI, fell below -7 for the first time since Aug. 4, Alexander Altmann, global head of equities tactical strategies wrote in a note to clients on Friday. That level has a 10-year track record of signaling near-term advances in the S&P 500.

The index has returned an average of 6.6% over the following 42 days and posted median gain of 5.1% with a 90% hit rate since 2015 when BETI drops to between -7 and -8, Altmann said. That compares with average gains of just +2.2% on a randomly selected day over the same period.”