Rising prices persisted for another session but with a smaller footprint than on Thursday. The NASDAQ moved ahead .47 percent, followed by the S&P500s .26 percent, while the DJIA added just .17 percent. Strings of three consecutive advances occurred just 218 times, with 60 since January 2000.
However, adding the previous pattern of three losses in a row, the frequency falls to 7 overall and 1 in the later period.
Our diagrams focus is on the 59 repeats and their occurrence relative to the last two periods of rising and falling prices. Whereas the 2000/2003 downturn saw only 8, there were 34 during the following rise. This trend repeats; with 5 in the 2007/2009 decline, compared to the 13 so far in the current upswing.
The resulting inference supports the thesis that the current market is continuing to move forward.
As for the following day, the past offers little guidance. The DJIA posted a fourth positive close 37 times and fell 23 times. The S&P500 split evenly between up and down results while the NASDAQ moved higher just 26 times and fell on 26 of the following days.
DJIA .17 percent
NASDAQ .47 percent
S&P500 .26 percent
