S&P 500: Extended its advancing streak to seven sessions - BBH

The research team at BBH points out that the S&P 500 rose every day last week, extending its advancing streak to seven sessions which means that it has rallied every day since 1.8% drop on May 17.  

Key Quotes

“New record highs were scored on May 25, after it gapped higher.  The gap has not been filled, but the gaps from last month and earlier this month have been closed.    We see the gap (2405.58-2408.01) as portending near-term weakness, but the technical indicators favor addition advances.  Given the nearly universal bullish calls on European stocks and flows into emerging market funds, could it be that many are underweight US stocks or under-hedged  European shares?  Could that be the pain trade?”