With over an hour to go, the SPX is pretty close to being up eight days in a row. None the less, even it we finish red today, up 7 days in a row is nothing to ignore – as it is rather rare and suggests there is some serious buying taking place.
Looking back at the past 40 years, the SPX has had 43 different 7-day winning streaks. Breaking it down, going out two weeks this actually seems to perform about with the average S&P move. So up a lot isn’t by itself bearish.
What really stands out above though is going out a month, after a 7-day win streak the SPX is actually up nearly twice as much as the average one-month return! It comes out to +1.25% versus +0.65% (the median returns are again about double).
So this much strength might need a little time to catch it’s breath, but overall this is a bullish looking signal.