NEW BULL MARKET CLOSING HIGH (zz)

oldfairy

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NEW BULL MARKET CLOSING HIGH

The S&P 500 was able to make a new bull market closing high today by taking out its prior high of 1071.66.  At a price of 1076.19, the index is now about 5 points below its intraday high of 1080.15.  From a technical perspective, this new closing high means we should see a continuation of the S&P 500's uptrend.

Today marked the sixth straight day of gains for the S&P 500.  This is the first six-day gain for the index since June 2007.  Going all the way back to 1927 for the S&P 500, the index has had 215 prior six-day winning streaks, and the average change on day seven has been 0.09%.  This is six basis points higher than the average change of 0.03% for all trading days since 1927.  In the second chart below, we highlight all six-day winning streaks for the S&P 500 over the last 20 years.  Since October 1989, the average change on day seven has been 0.08%.