Will the streak of straight up days be broken? If the algos have their say, it will.
Remember while index funds put money to work each day and stock buybacks provide a degree of a floor, the market can't handle a burst of algorithmic selling because the buyback/index fund buying, while consistent, is never enough to offset a concentrated multi-billion dollar sell order.
Why do you get such an order? Because of traders who trade off of certain algorithms. Right now oil up and bonds down (yields up) equals buy, which has been the case since this skein of buying. The opposite equals sell. We have the exact opposite right now and that's provoking the selling.
It doesn't help that the Chinese market is down. We've got mixed data out of China but, more important, as we keep slapping tariffs on each other it becomes quite beleaguering for all.
But against the algos?
Amazing: despite multiple articles about how the slowdown in Snap (SNAP) - they did have a decline in average users - portends that we are past the high tide of social media, Facebook's (FB) stock is up.
So let's call it mixed. The algos tend to be set at the beginning of the day and are almost impervious to change. What you get in 9:30 a.m. you get at 4 p.m. But if yields go up.