The market posted its sixth straight gains for the DJIA, the NASDAQ, and the S&P500, closing with a pattern last seen three years ago. That happened in July 2010, following two earlier six in a row days in June 2010 and December 2009. Today’s diagram shows these days occurring at a top, with prices then resuming their trek to this summer’s record high.
Of course, and not unexpectedly, these runs ended at six straight advances. However, the record shows eleven previous six in a row days between 1950 and 1996. Their following days extended the winning streak nine times for the NASDAQ, six for the S&P500, and on four next days for the DJIA.
There is not much to be said about the future given the infrequency of today’s pattern. Surely, a negative reaction will follow before the market behavior returns to a more familiar pattern.
DJIA .85 percent
NASDAQ .62 percent
S&P500 .73 percent
