The Nasdaq has gone up for 8 days in a row for the first time since October 2017. Some people see this as “exuberance has returned to the stock market, particularly in the tech sector”. It isn’t.

Here’s what happens next to the Nasdaq when it goes up 8 days in a row for the first time in half a year.

Here’s what happens next to the S&P 500 when the Nasdaq goes up 8 days in a row for the first time in half a year.

Click here to download the data in Excel

Conclusion

As you can see, the Nasdaq going up 8 days in a row is not a short term, medium term, or long term bearish factor for the stock market. If anything, it’s a neutral-bullish factor for the stock market.