Chart of the Day - Tuesday, February 28th, 2023
February 28, 2023
Today's Chart of the Day was shared in a note by Scott Brown (@scottcharts). The S&P 500 fell 2.61% in February, however, it spent the entire month above its 200-day moving average. As of today's close, the index has spent 25 consecutive trading days above its 200-day moving average. Scott points out that this is could be evidence that the bear market lows are in the rearview mirror. In the note, he explained: "Going back to 1950, there are no instances where the S&P 500 reached bear market territory (down 20%), rebounded above its 200-DMA for at least one month, and went on to make new lows."