All Ordinaries Index - 6 consecutive Up days in conjunction with a 250-day closing high

All Ordinaries Index - 6 consecutive Up days in conjunction with a 250-day closing high. Bullish or Bearish? The All Ordinaries Index has closed in positive territory for 6 consecutive trading sessions gaining a little over 3%. After such upward persistence it is very hard to resist the temptation of fading this recent winning streak & strength. However, the historic record suggests that this type of market momentum usually goes a little further than most market participants would believe. Since 1990, the All Ordinaries Index has produced 6 consecutive up days closing at a 250 day high (approximately 1 year high) on 21 independent (non-overlapping) occasions. Counter intuitively, following such upside persistence, the All Ordinaries Index was higher 20 days later on 19 from 21 occasions, delivering an average gain of 2.17% (max = 6.23%, min = -2.02%).