The S&P500 posted the third largest daily gain of the year. At plus 1.28 percent, only two other days, in January and April, topped today. That’s the good news, but there’s a caution: prices fell on the following days.
Yet the good news is even better: today’s surge is near the top of all gains during bull markets. Our diagram shows these and points out where the 1.28 percent fits in – less than ten percent of all increases exceeded today’s close.
Today’s up market, the second consecutive plus day, is just one of the 42 two day runs since 1996. With some 33 of these during expansions, we see a confirmation that the current market is moving higher.
As for tomorrow, however, losses occurred as often as gains followed this two up days in a row pattern.
DJIA 1.38 percent
NASDAQ 1.32 percent
S&P500 1.28 percent
