How frustrating has the stock market been lately? Even though the S&P 500 was up slightly yesterday, it has now gone the 28 straight trading days without making back-to-back gains. That is tied for the longest such streak since 1970, according to Kimble Charting Solutions.
Over the past 45 years, the S&P 500 has managed to go that long without consecutive increases just three times. It happened in 1970, 1994, and once earlier this year between February and March.
The good news is, this pattern typically precedes a rise in the market. Since 1970, the large-cap index has gone at least 25 sessions without consecutive gains on seven previous occasions. Six months later, it was up by an average of 5.3 percent.