Chart of the Day - Friday, December 15, 2023

Today’s Chart of the Day was shared by Wayne Whaley (@WayneWhaley1136). The S&P 500 closed higher for the seventh straight week, representing its longest weekly winning streak since 2017. The index surged +14.6% throughout this streak, marking its best seven-week performance since May 2020. Wayne points out that there have been 30 other weekly winning streaks of seven or more since 1950. The table highlights the 20 streaks that gained +7% or more. The following week has been a coin toss, rising 55% of the time for an average gain of +0.49%. However, the next month has been higher 80% of the time, for an average gain of +1.94%. This streak is bound to end soon, but history suggests that further gains after a relentless advance are not only possible but probable.