Don't Sweat Today's S&P Pullback

The S&P 500 Index (SPX) is pulling back after recording its longest winning streak of the year, although this may have been in the cards

by Karee Venema

Published on Oct 6, 2015 at 11:05 AM

On Monday, the S&P 500 Index (SPX) notched its fifth consecutive daily win -- the longest such winning streak since last December. Since 2011, the SPX has turned in 21 such streaks, with the current run translating into a 5.59% gain for the broad-market barometer -- the second-best of the bunch.

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Overall, the sixth day has been pretty uninspiring for the S&P 500. Specifically, since 2011, the index has averaged a next-day loss of 0.1%, and has been positive just two-fifths of the time. Today, the SPX is off 4.1 points, or 0.2%.

However, following a five-session winning streak, the SPX's odds of being positive one and two weeks out increase to 70% and 75%, respectively, compared to the index's anytime stats since 2011. What's more, the S&P averages a two-week return of 0.5% after a winning streak, compared to 0.4% anytime.

Since 2009, the longest daily winning streak for the SPX has been eight days, which has happened twice: once in late January 2013, and the other in mid-July of that same year. 

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