Let me admit that although the SPX has turned bearish I am not too confident about this and I am inclined to believe this
market is ready to move up again to challenge the next swing high at 2802. The DOW has fallen down and cannot get up and is now poised to hit the longest losing streak since 1978, that's 40 years ago!
Notwithstanding my hesitation about accepting SPX has turned down, one has to accept what the chart says and go with it. Next target is that well-traversed 2690/2700 support zone that could be achieved early next week.
Trade concerns could give the Dow its longest losing streak since the 70s
According to the WSJ Market Data Group, the last time the Dow fell for nine straight trading days was a stretch that ended in February 1978, when the index traded at just under 750. It is at nearly 24,500 currently.
Going back to 1896, there have only been 10 instances when the average put together 9-day losing streaks. Should it do so again on Friday, it would mark the 11th. The Dow’s longest-ever losing streak was a 14-day stretch that ended in August 1941.
https://www.marketwa...-70s-2018-06-21