Persistent Higher Highs

The market continued to grind higher but with surprisingly good breadth. Breadth on came in at 2:1 positive for both advancing/declining issues and up/down volume. Today was the seventh consecutive day that the S&P made a higher high. In the last decade this as only occurred 16 times. In 15 cases (or 93.8%), the market was trading lower within 3 days. Note however, the next day performance is slightly negative.

Ticker	Date/Time	Close	3Day-	%Chg N1	%Chg N2	%Chg N3
SPX	4/13/1999	1,349.82	1.00	-1.58	-2.00	-2.28
SPX	7/17/2000	1,510.49	1.00	-1.11	-1.89	-0.99
SPX	8/9/2000	1,472.87	1.00	-0.86	-0.07	1.27
SPX	8/21/2000	1,499.48	1.00	-0.09	0.43	0.59
SPX	4/19/2001	1,253.69	1.00	-0.85	-2.34	-3.53
SPX	3/11/2002	1,168.26	1.00	-0.23	-1.21	-1.30
SPX	3/21/2003	895.79	1.00	-3.52	-2.35	-2.88
SPX	12/3/2003	1,064.73	2.00	0.47	-0.30	0.43
SPX	1/6/2004	1,123.67	3.00	0.24	0.73	-0.16
SPX	1/22/2004	1,143.94	1.00	-0.21	1.00	0.01
SPX	4/2/2004	1,141.81	3.00	0.77	0.56	-0.11
SPX	11/3/2004	1,143.20	0.00	1.62	2.01	1.90
SPX	3/16/2006	1,305.33	2.00	0.15	-0.02	-0.62
SPX	2/7/2007	1,450.02	1.00	-0.12	-0.82	-1.15
SPX	7/6/2007	1,530.44	2.00	0.09	-1.33	-0.76
SPX	3/18/2009	794.35	1.00	-1.30	-3.25	3.60
SPX	9/14/2009	1,049.34	0.00	0.00	0.00	0.00