Intraday Update (Seven Up)

Thursday will mark the seventh straight session that the NDX has closed higher, historically an indication that buying pressure is at or very near a short-term exhaustion point. Since 1995, we’ve seen a total of twenty separate instances in which the NDX posted seven consecutive higher closes, all of which are noted in the table below. Note that in every case but one the NDX proceeded to close at a lower level within the next two sessions…

Seven Consecutive Higher Closes for the NDX
07/16/09… Nasdaq100 ???
05/09/07… Nasdaq100 -1.4% one session later
04/27/07… Nasdaq100 -0.8% one session later
01/11/06… Nasdaq100 -1.0% one session later
07/15/05… Nasdaq100 -0.5% one session later
05/23/05… Nasdaq100 -0.2% two sessions later
10/06/04… Nasdaq100 -1.3% one session later
05/28/04… Nasdaq100 -0.1% two sessions later
02/08/00… Nasdaq100 -2.3% one session later
12/23/99… Nasdaq100 -0.3% two sessions later
01/11/99… Nasdaq100 -3.1% one session later
06/24/98… Nasdaq100 -1.5% one session later
02/04/98… Nasdaq100 -0.9% one session later
10/09/97… Nasdaq100 -0.9% one session later
08/06/97… Nasdaq100 -0.5% one session later
11/07/96… Nasdaq100 +1.2% two sessions later (*)
09/19/96… Nasdaq100 -0.5% two sessions later
04/03/96… Nasdaq100 -0.1% one session later
07/07/95… Nasdaq100 -0.6% two sessions later
06/20/95… Nasdaq100 -0.8% one session later
04/28/95… Nasdaq100 -0.8% one session later

Categories : Archived Intraday Commentary, Intraday Commentary

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