Dow Strings Together Six Higher Highs for First Time in 2010
By
Rennie on Wednesday, June 16th, 2010 at 3:20 pm
Wednesday marked the sixth consecutive session that the Dow Industrials posted ‘higher highs’. In recent years, six higher highs has usually preceded the onset of a short-term consolidation, with the Dow twice as likely to trade lower over the next couple of days. The last 30 occurrences of this price pattern stretching back to 1999 are noted in the table below. Note that in 21 cases, or 70% of the time, the Dow posted a lower close (below the setup day’s close) two sessions later. That’s a pretty good record considering the random odds of a lower Dow close two days later in the same time frame is 48%. Only three times was the Dow up more than 0.6% two days later, while it was down more than 0.6% ten times…
Six Higher Highs for the Dow Industrials
06/16/10… Dow ??? two sessions later
12/29/09… Dow -1.1% two sessions later
11/11/09… Dow -0.2% two sessions later
09/11/09… Dow +0.8% two sessions later (*)
07/20/09… Dow +0.4% two sessions later
03/17/09… Dow +0.1% two sessions later
07/23/08… Dow -2.3% two sessions later
05/21/07… Dow -0.1% two sessions later
04/27/07… Dow +0.1% two sessions later
12/20/06… Dow -1.0% two sessions later
11/20/06… Dow +0.1% two sessions later
03/15/06… Dow +0.6% two sessions later
02/22/06… Dow -0.7% two sessions later
11/25/05… Dow -0.4% two sessions later
05/23/05… Dow -0.6% two sessions later
04/26/05… Dow -0.8% two sessions later
12/16/04… Dow -0.4% two sessions later
04/01/04… Dow +1.8% two sessions later (*)
01/21/04… Dow -0.5% two sessions later
01/05/04… Dow -0.1% two sessions later
11/03/03… Dow -0.4% two sessions later
08/14/03… Dow +1.1% two sessions later (*)
03/20/03… Dow -0.9% two sessions later
02/14/02… Dow -2.6% two sessions later
01/20/01… Dow +0.6% two sessions later
11/08/01… Dow -0.4% two sessions later
08/08/00… Dow -0.6% two sessions later
04/26/00… Dow -1.9% two sessions later
02/30/99… Dow -0.8% two sessions later
10/11/99… Dow -3.9% two sessions later
07/06/99… Dow -0.1% two sessions later
Dow Strings Together Six Higher Highs for First Time in 2010
By Rennie on Wednesday, June 16th, 2010 at 3:20 pmWednesday marked the sixth consecutive session that the Dow Industrials posted ‘higher highs’. In recent years, six higher highs has usually preceded the onset of a short-term consolidation, with the Dow twice as likely to trade lower over the next couple of days. The last 30 occurrences of this price pattern stretching back to 1999 are noted in the table below. Note that in 21 cases, or 70% of the time, the Dow posted a lower close (below the setup day’s close) two sessions later. That’s a pretty good record considering the random odds of a lower Dow close two days later in the same time frame is 48%. Only three times was the Dow up more than 0.6% two days later, while it was down more than 0.6% ten times…
Six Higher Highs for the Dow Industrials
06/16/10… Dow ??? two sessions later
12/29/09… Dow -1.1% two sessions later
11/11/09… Dow -0.2% two sessions later
09/11/09… Dow +0.8% two sessions later (*)
07/20/09… Dow +0.4% two sessions later
03/17/09… Dow +0.1% two sessions later
07/23/08… Dow -2.3% two sessions later
05/21/07… Dow -0.1% two sessions later
04/27/07… Dow +0.1% two sessions later
12/20/06… Dow -1.0% two sessions later
11/20/06… Dow +0.1% two sessions later
03/15/06… Dow +0.6% two sessions later
02/22/06… Dow -0.7% two sessions later
11/25/05… Dow -0.4% two sessions later
05/23/05… Dow -0.6% two sessions later
04/26/05… Dow -0.8% two sessions later
12/16/04… Dow -0.4% two sessions later
04/01/04… Dow +1.8% two sessions later (*)
01/21/04… Dow -0.5% two sessions later
01/05/04… Dow -0.1% two sessions later
11/03/03… Dow -0.4% two sessions later
08/14/03… Dow +1.1% two sessions later (*)
03/20/03… Dow -0.9% two sessions later
02/14/02… Dow -2.6% two sessions later
01/20/01… Dow +0.6% two sessions later
11/08/01… Dow -0.4% two sessions later
08/08/00… Dow -0.6% two sessions later
04/26/00… Dow -1.9% two sessions later
02/30/99… Dow -0.8% two sessions later
10/11/99… Dow -3.9% two sessions later
07/06/99… Dow -0.1% two sessions later