The DJIA, now up for the second successive day, joins the market advance as the NASDAQ and S&P500 positive streak continues. It stands now at six positive days in a row, a combination seen just three other times since 1996. As discussed in yesterday’s analysis, these strings show no association with market tops.
Today’s diagram shows, though, one happening in June 2007, some 88 trading days before the market topped out on October 9.
Note the single occurrence in the current expansion last September – and that prices continued higher for another five days. Yet the following negative reaction soon faded, with prices thereafter continuing their move to higher levels.
DJIA .40 percent
NASDAQ .97 percent
S&P500 .41 percent
