Chart of the Day - Thursday, March 30th, 2023

Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge). It's a chart of the S&P 500 over the past three decades with an indicator measuring the number of consecutive trading days since a new all-time high. As of today, we've gone 311 trading days without an all-time high, marking the longest streak since the Great Financial Crisis. The chart serves as a good reminder of how long drawdowns can persist for. The drawdown in the early 2000's lasted five times longer than the current drawdown (1,799 trading days). It finally reached all-time highs in 2007, but that breakout failed, and we went another 1,368 days without an all-time high. Why do we care about all-time highs? Because it's much easier for price to make forward progress when there's virtually no overhead supply for buyers to contend with. It doesn't look like this streak will end any time soon, considering the S&P 500 is still down more than 15% from its highs.