Thursday was the 3rd day in a row that there was a very high percentage of advancing issues versus declining issues on the NYSE. In the past, 3 days of such strong breadth has led to further short-term upside. This is demonstrated in the study below.
Not only are the net results strong but the consistency has been outstanding with all 19 instances posting gains at some point during the next week. This suggests the strong move over the last few days has a good chance of seeing some additional follow-through. And it isn’t just the short-term implications that look bullish. Below is a stats table showing longer-term results.
No matter what time frame you are looking at, 3 days of especially strong breadth like we’ve seen this week is something that has commonly been followed by a bullish environment.