Yesterday marked the end of an impressive streak for the S&P 500 Industrials sector where it had previously closed higher than it opened for 15 consecutive trading days! As shown in the chart below, before the current streak, the prior record for the longest stretch of daily closes above the open was nine trading days. That happened three prior times (April 2004, September 2009, and January 2018). Following those three periods, the sector’s performance was mixed to poor. One month after the day when the streak was broken, the sector was down all three times for an average decline of 2.5%. Not a major decline, but not positive either.
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