Dow at record high but “bearish trends lurking”

The Dow Jones Industrial Average closed on Friday at a record high, its eighth consecutive record.

MarketWatch charts the important Dow milestones.

Just over five months after hitting 21,000 and over six months since hitting the major 20K milestone, the Dow Jones Industrial Average made history again on Wednesday and closed above the 22,000 level. The 109-session surge to 22,000 is the eighth-fastest 1,000-point advance in the index’s history. It’s the third time the Dow has hit one of these psychologically important 1,000-point milestones this year.

See chart.

However, MarketWatch reports that beneath the glow of stock-market records, darkly bearish trends are lurking.

Market breadth, a measure of how many stocks are rising versus the number that are dropping, has turned “exceedingly negative”, according to Brad Lamensdorf, a portfolio manager at Ranger Alternative Management.