It’s about time! After eight straight days of declines, the DJIA is looking to open higher this morning and end its eight-day losing streak. As shown in our overnight equity performance chart from the Morning Lineup, prices have been trending higher all night. Let’s hope it stays that way for the next 7.5 hours!
With the DJIA set to trade higher today, it has a real possibility of ending its current eight-day losing streak, which was the longest since March of last year. While an eight-day losing streak for the DJIA may not be too uncommon, nine-day losing streaks have been rare. If the DJIA does finish today in the red, it would mark the first nine-day losing streak for the index since 1978. That’s longer than most traders on Wall Street have been alive! As shown in the table below, when DJIA losing streaks reach the nine-day point, they usually move into double-digits as well. Of the ten prior streaks shown, the DJIA was also down on day ten six times for an average and median decline of 0.3%. Over the next week and month, though, performance starts to improve. Nothing goes down forever.