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“The reason I’ve been able to be so financially successful is my focus has never, ever for one minute been money.” – Oprah Winfrey
The post-Summer trading environment hasn’t been particularly positive for bulls as the S&P 500 hasn’t had a positive day since 9/2. Bulls are looking to regroup this morning, though, and futures on all the major averages are firmly in the green. Both the economic and the earnings calendars are essentially blank today and the Fed is in its pre-meeting blackout period as well, so don’t expect much in the way of tape bombs on that front either.
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After hitting a record high back on 9/2, the S&P 500 has now traded lower for five straight trading days. That’s tied for the longest losing streak since 2/22. That streak back in February was also the last time the S&P 500 experienced five straight down days after a record closing high. Since the end of the Financial Crisis in 2009, there have only been six prior periods where the S&P 500 was down for five straight trading days after closing at a record high, and before the most recent one in February, the one prior to that was right after the pre-COVID peak in February 2020.
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