The last few weeks have been the strongest and most consistent rallies in US equity market history. US equity markets have traded above their 5-day moving average for 27 days – the longest such streak since March 1928 and all amid GDP downgrades, missed PMIs, and downward earnings outlook revisions. Given the holiday week, it is hardly surprising volume was weak today.
27 days and counting for the S&P… an 86 year record… (within a year of this exuberance stocks had doubled and then halved from low)
This is what happened the last time the market did that…