Chart of the Day - Friday, January 26, 2024

🏆 Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).

• The S&P 500 closed at a record high for the second week in a row, rising +1.0% overall. We almost had a perfect week of all-time highs, but the index fell by a measly -0.07% on Friday.

• It bottomed three months ago, on Oct. 27th, and hasn’t looked back since. It snapped a nine-week winning streak at the beginning of the year before kicking off the current three-week streak.

• The S&P 500 has gained +18.7% throughout this rally, marking its best 13-week performance since June ’20, when it was exiting the Covid lows.

The takeaway: The S&P 500 has only had one negative week since bottoming three months ago. It’s rare to see such persistent strength, but the index just started making progress for the first time in two years.