A rise of just 1.35% separates todays DJIA close from the high reached on July 19. The other major indexes require only a slightly greater increase: the S&P500 is 1.50% below its top and with another 2.03% growth, the NASDAQ will reach its previous high.
Todays more moderate gains, rather than a decline/correction from yesterdays surge, are in line with past patterns. More ups, than downs, are recorded when the previous close exceeds 2 percent. The table below details these experiences: up days occur about 58% to 61% of the time after gains of 2 to 2.5 percent.
Changes Day After Gains of 2.0% to 2.5%
Index All Up Down
DJIA 141 84 57
NASDAQ 193 118 75
S&P500 197 115 82