This article has been corrected to reflect that the winning streaks for the Nasdaq Composite and S&P 500 would be the longest in roughly two years.
The Nasdaq Composite was on track for an eighth day of gains Tuesday afternoon, while the S&P 500 was heading for a seventh consecutive gain — the longest winning streaks for both indexes in roughly two years.
Read: Another Wall Street strategist says last week’s U.S. stock-market rally will soon fizzle. Here’s why.
The tech-concentrated Nasdaq-100
NDX
was also headed for an eighth straight gain, with analysts at Bespoke Investment Group noting a break for the popular, Nasdaq-100 tracking Invesco QQQ Trust
QQQ
above the top of a downtrend channel that had formed in recent months (see below).
A higher finish today would mark the 21st eight-day winning streak for the QQQ in the ETF’s history, Bespoke said, noting that 60% of the time it has extended the run to a ninth day (see table below).
If the S&P 500 index
SPX
ends higher on Tuesday, its seven-day winning streak would be the longest since an eight-day stretch of gains that ended on Nov. 8, 2021, according to Dow Jones Market Data. An eighth straight gain for the Nasdaq would mark its longest run since an 11-day streak that also ended on Nov. 8, 2021.
See: Why the S&P 500 ETF’s rare triple ‘gap ups’ isn’t a buy signal
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