The monotony of endless new highs all around was broken, at least partly, on Friday as the NYSE-based indexes closed slightly down. The NASDAQ Composite Index kept the heat on, however, by scoring another all-time high as volume declined. The index is now on a nine-day winning streak as it seemingly forgets how to sell off. The move is reminiscent of the NASDAQ’s 13 out of 14 days in a row winning streak during the month of July.
The S&P 500 Index “lags” the NASDAQ after posting a down day on Friday, but it was a small inside day on lighter volume after an eight-day winning streak to the upside. It’s possible a one-day bull flag will pan out into a longer lag formation and consolidation, but so far, the rally shows no signs of abating.
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