Upward momentum continues to push prices higher, reaching values not seen since the end of 2007! Nevertheless, both the DJIA and the S&P500 failed so far to reach their 2007 highs; the DJIA now stands at 99.09 percent of that peak and the S&P500 is at 97.8 percent. Only the NASDAQ has surpassed that last top and now at 114.3 percent, maintains its substantial advantage over these two averages.
Todays closing pattern of two straight advances for the DJIA and single upticks for the NASDAQ and the S&P500 is its 25th repeat in this century. The diagram fails to reveal a systematic relationship between this pattern and previous bull and bear markets. It shows no consistency, with nine happenings evident in the 2000/2003 decline while eight others occurred so far in the current, since March 2009, recovery.
Declines outnumbered gains on the following day; the margin is substantial, with 15 losses compared to just 7 increases overall. The tally since 2009, however, is more favorable. The DJIA saw five increases against three losses while the NASDAQ had an equal number of advances and declines. Only the S&P500 ended with more days in the red, losing in five sessions and gaining in just three.
DJIA .39 percent
NASDAQ .68 percent
S&P500 .73 percent
