The last time SP500 experienced a seven weeks losing streak was in 2/11/1980. During that span of seven down weeks, the SP500 had a 21.6% loss.
And if you think seven consecutive weeks is bad enough, take a look at this chart showing a eight weeks consecutive losses for the SP500.
This eight consecutive weeks of losses occurred in 1/29/2001 (oh how soon we forget...the dot com bust). This losing streak also incurred a 21.8% loss.
The current seven consecutive weeks of losses (pending a less than 3.34 points gain on 6/17/2011) only incurred approximately 8% of losses at the close of 6/16/2011. If this losing streak incurs the same percentage of losses as previous losing streaks, the SP500 will be near 1075. So keep an eye on the 1050 support level if this market get ugly.
