Up for the third successive day, the S&P500 reached 1762.11 moving along a trajectory of successively higher tops. Further, today’s pattern of three advances for the S&P500 while the DJIA and the NASDAQ turned down, parallels the previous close, in mid-July, when the S&P500 set an earlier new high.
Today’s diagram showing this pattern’s previous closes over the past five market spans, reveals some clustering at market highs and lows. One happened on the last day of 1999, some 58 days before that 1996/2000 expansion turned down. Similarly, another one occurred some 200 days before the 2007 top. Finally, one of these days took place in February 2009, just 18 days before the start of this current bull market.
We focus on these turning point relationships as a caution; the S&P500 continues to escalate, setting new highs while the current expansion, now in its 1,167th day, is the longest bull market on record.
DJIA .39 percent
NASDAQ .37 percent
S&P500 .44 percent
