The price momentum continues, as these indices close ever higher. Prices added more than one percent today, for the second day in a row.
It is not unusual for the S&P500 to increase more than one percent in a single day. Indeed, such gains occur often: they are more common when price are trending down. They accounted for 22 percent of all closes during the 2007/2009 bear market, but only for 9 percent in the 2003 to 2007 expansion.
Today’s diagram shows the time path of the S&P500 after closing above 1,500. This happened in 2000, 2007 and since January 25. Clearly, the ongoing expansion shows remarkable strength; it continues unabated, except for a short correction last month.
Without a record that allows comparison, the future of this bull market remains in doubt. These sharp, uninterrupted gains could result in cautious selling, or just as likely, in higher prices as buyers rush in seeking the profits they have missed.
DJIA .96 percent
NASDAQ 1.14 percent
S&P500 1.05 percent
