Chart of the Day - Wednesday, December 13, 2023

Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). The Dow Jones Industrial Average ($DJIA) officially closed at an all-time high today for the first time since January 2022. It has fully recovered from a -22% drawdown that lasted 23 months. The COVID decline was deeper (-35%) but lasted only nine months. Willie points out that this was the longest drawdown since the Great Financial Crisis. They say trends correct through either price or time, but this was a healthy dose of both. After two years without progress, the Dow has entered blue-sky territory and looks ready to resume its long-term uptrend.