Improving at the end after being in the red most of the day, the DJIA closed up .67 percent and the S&P500 gained .45 percent. Unhappily though, the NASDAQ just failed to cross into positive territory, declining instead by .05 percent.
While modest, nevertheless these results feel much better than the losses recorded on the last trading day of last week. They erased all the progress made in the previous six trading days.
Returning to the situation at the end of Thursdays trading, when prices had moved higher in each of the last six days, and considering previous runs of six positives in a row, we note a favorable outlook for the future direction of the market.
The diagram marks the three previous occasions when the DJIA, the NASDAQ and the S&P500 indices together moved higher for six straight days, with an O. The indices fell together for six successive sessions twice- these have the symbol /\.
All but one of these happened when the trend of prices was up; but all three of the positive runs, as well as last one of Thursday, accompany movements to higher values. This is the basis of a judgment for a positive long term view of the future.
Turning to todays results, the outlook for Tuesday, based on the past, fails to provide definitive projection. The distribution of gains and losses is almost even, with the negatives outnumbering gains by a mere 15 to 13 margin.
DJIA .67 percent
NASDAQ -.05 percent
S&P500 .45 percent