Unsurprisingly the market backed off after six straight advances. Yet today’s DJIA and S&P500 losses were minimal with only the NASDAQ suffering a near one percent drop.
There have been just 38 such events since 1996, with all but two happening during bull markets. The diagram locates these, distinguishing between advances and declines on the following day. Unsurprisingly, declines outnumber gains more than two to one.
Remarkable, however, is the concentration of losses in the current expansion; since 2009, the following day experienced declines near three times as often advances.
DJIA -.08 percent
NASDAQ -.83 percent
S&P500 -.22 percent
