Chart of the Day - Friday, February 9, 2024

🏆 Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche).

• The S&P 500 closed at a fresh record high this week, gaining +1.37%. It’s only had one negative week since the October lows, rising +22% in that time.

• This was the fifth straight weekly gain of +1% or more. Since 1950, Willie points out there have only been 11 other five-week streaks of +1% or more.

• The S&P 500 generally continued higher over the next few months, although 1956 and 1987 were notable exceptions.

The takeaway: The current rally is beginning to challenge historical extremes, but as the legendary technician Paul Montgomery once said, “The most bullish thing the market can do is go up.”