Prices moved up again, scoring the 14th daily advance this month, and with four more trading days to go, this July could set an ‘Up-Day’ record. In June, the S&P500 had only ten positive closes, and last year’s July saw just eight up days.
Further, the July ‘Up-Day’ average for this as well as the two previous expansions since 1996, averages less than twelve days.
Today’s pattern of two positive days for the NASDAQ while the DJIA and the S&P500 moved higher after yesterday’s losses, has almost 50 previous occurrences. These, as shown on the diagram, are quite evenly distributed over good and bad times.
As for the following day, this current bull market has moved higher five out of six times. That comes as a sharp contrast to, and is substantially better than, the two previous expansions, when losing days outnumbered gains.
DJIA .09 percent
NASDAQ .71 percent
S&P500 .26 percent
