Chart of the Day - Wednesday, April 19th, 2023

Today’s Chart of the Day was shared by Callie Cox (@calliebost). It's been more than six months since the S&P 500's October lows. 128 trading days on an intraday basis and 129 on a closing basis. Callie points out that if the index makes new lows from here, it would be the second longest bear market rally since 1950. The only one longer was during the bursting of the tech bubble, and it lasted about nine months (194 trading days). Oddly enough, that rally started a week after the 9/11 terrorist attacks in September 2001. It gained as much as 21% on a closing basis over the next three months before slowly rolling over and eventually making new lows in June 2002. There was another bear market rally in 1946-1947 that lasted about 130 days, but S&P 500 data is questionable pre-1957.