IWM times of up/down movement

Returning to looking at the stock high – open vs open – low, it appears, over the past one and one half years for IWM, that there is an even split between the high – open being greater than open – low and vice versa.  Not unexpectedly, the larger move occurred later in the day than the smaller move 75% of the time.  The smaller move occurred before 10AM about 50% of the time, and the larger move occurred before 10AM less than 10% of the time.  The distribution of the number of consecutive days with the same direction larger moves indicates no pattern (about 50% chance of the next day will be same direction as prior day), and although the table below doesn’t include it, the open vs the prior day’s close only gave a small negative correlation of the direction of the current day’s larger move from open.

up move greater than down move 49%
larger move occuring later in the day than smaller move 74%
smaller move before 10 AM 57%
larger move before 10AM 6%
number of consecutive days in same direction 1 91
2 50
3 32
4 12
5 8
6 0
7+ 2
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