New Dow Highs, from Kim Zussman
At the end of each month, checked the DOW high daily closes back to 1980. If this month's high was a new all-time high (not including dividends), noted the following calendar month's return (actually 21 days). This next month return was compared to calendar months following those which were not new all-time highs:
Two-sample T for mo aft vs non month
N Mean StDev SE Mean
mo aft 111 0.0109 0.0391 0.0037 t=1.0
non month 216 0.0059 0.0433 0.0029
This is somwhat bullish, and one notes the Dow is making a new all time high again this month.