Chart of the Day - Thursday, February 29, 2024

🏆 Today’s Chart of the Day was shared by David Settle (@davidsettle).

• The S&P 500 hasn’t had a -2% pullback (on a closing basis) since its October low, gaining +23.7% over 83 trading days.

• David points out that +23.7% is the largest gain for the S&P 500 without a -2% pullback in the past two decades.

• However, it’s not the longest. In a comment to The Chart Report, David explained – “The S&P 500 went 110 days without a -2% pullback in 2017/2018, 115 days in 2016 after the election, and 149 days in 2006 when the Fed stopped hiking rates.”

The takeaway: The current rally is starting to defy history, but bulls should welcome a mild pullback, as it would be a healthy reset.