Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The DJIA is up 20 Tuesdays in a row. This streak is now known by everyone. As stated in the past when everyone is aware of something it usually stops working. But this has been said for quite a few weeks now.
More importantly than that quirk we have a broken wedge in the S&P 500, and thus far the retracement to the bottom of that wedge (triangle) today has been relatively uninspiring. At minimum bulls want to get back into this wedge, and then the next step above the top side of it. Bears want to see things remain below and continue to see lower highs being made.
Believe it or not this is the longest correction in terms of days since the mid November lows. Back during the fiscal cliff situation in late December there was a 7 day correction, in February 4 days, in April 5 days. This one is already 9 days old. In the big picture that is nothing but shows how strong of a bull run this has been.
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