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Dow’s Ominous 8-Week Losing Streak

Even if the Dow ended its 8-week losing streak, we are not
out of the woods yet. Some declared this is the first 8-week losing streak
since 1923. They’re wrong, their data omits Saturday trading (ended June 1952).
The last one ended Saturday, 4/30/1932.

This was 10 weeks before the 7/8/1932 bear market low. DJIA
fell 36.6% over the 8 weeks ended 4/30/1932, but then fell another 26.5% to the
July 1932 low. The 1923 streak ended after 9 weeks on 5/19/1923 for a 9.7% loss
before falling 9.4% farther to the 10/27/1923 bear bottom.

1923 & 1932 were the only DJIA losing streaks longer
than 7 weeks. DJIA suffered 6 other 7-week losing streaks. DJIA was down 16.1%
during the streak that ended 8/24/1907, then fell 23.5% more to the 11/15/1907
low.

Amid the 1966-68 bull DJIA lost 7.6% during a 7-week streak
ended 2/16/1968. At the outset of the 1973-74 bear DJIA fell 8.4% over the
7-week run ended 2/23/1973. During the dotcom bear DJIA lost 9.3% over a 7-week
slide ended 7/6/2001, falling 19.7% more at the post-9/11 low.

Two 7-week losing streaks standout. DJIA & S&P streaks
ended the same time 5/22/1970, 2 trading days before the 5/26/1970 bear low. NASDAQ,
S&P and DJIA finished 7-week strings 3/28/1980 with NAS & S&P
bottoming the day before and DJIA hitting its low 4/21/1980.

S&P had two other 7-week losing streaks that ended 3/23/2001
in the middle of the dotcom bust and 3/31/1951 with tiny loss of 3.6% during
the 1949-1953 bull run. NASDAQ’s 2001 7-week drought ended 3/16/2001.

NAS lost 3.2% in a 7-week slide ended 6/11/1976 then ran up
58.8% to its 9/13/1978 top. In 1973 NAS suffered a 7-week slump ended 3/2/1973,
-11.7% and a 10-week streak ended 12/21/1973, -21.5% before finding bottom 10/3/1974
after a near 2-year bear that shaved off 59.9%.

As of 5/20/2022 DJIA was down 8 weeks in a row losing 10.3%,
S&P and NASDAQ suffered a 7-week slump, off 14.2% and 20.4% respectively.

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