We divide todays comments into the long run and the next day.
The Long Run
We express concern on the failure of the NASDAQ to extend its positive streak to seven days in a row. The diagram reveals that most of these days occur when prices are about to decline. There are four at the 2007 top; two just before, and at the start, of the 2000/2003 bear market; while the current expansion experienced seven already. In sum, whereas the NASDSAQ has 35 strings of six gains in a row with 19 extending to a seventh straight increase, the balance occurred before market reversals. Therein lies our unease.
Tomorrow
The second straight losses of the DJIA and the S&P500 combined with the NASDAQs decline, yields a pattern seen 34 other times since the turn of the century. In the past, prices the following day moved higher 21 times for the DJIA and the S&P500; they increased on 19 days for the NASDAQ. This record justifies projecting gains for tomorrow.
DJIA -.69 percent
NASDAQ -.30 percent
S&P500 -.52 percent