Observations / Daily researchOpen access · Freely available
What the memory
saw today.
After the close, a fixed rule selects up to five unusual market states the memory can describe. Their historical outcome ranges are published first. What actually happened is added as the subsequent sessions settle.
How to read this note. The 1-, 5-, and 10-session ranges describe excess returns over the market. The five-session follow-up is an outcome check, not a trading-performance record. The selection rule and version remain visible with the note.
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Read the methodology and coverage record alongside these observations. Older automated scanner pages are retained separately in the dated scanner archive; they use an earlier selection method and are not the same series.