Chart of the Day - Wednesday, November 30th, 2022

Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick). The S&P 500 surged 3.10% today, marking its second-best day in the past two years. More importantly, it closed above its 200-day moving average for the first time since April. Ryan points out that there have only been 13 other instances since 1950 where the S&P 500 spent six months or more beneath its 200-day moving average. Of those 13 prior instances, the index was higher 12 out of 13 times for an average gain of 18.8%. It failed once during the 2002 bear market, but overall, this has been a very positive development for the bulls. It's also encouraging to see that the S&P 500 is strong internally, with over 64% of its members trading above their respective 200-day moving averages.