Chart of the Day - Thursday, March 21, 2024

🏆 Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).

• The S&P 500 ($SPX) closed at a record high for the third day in a row, and it's on track for its best week since December.

• Ian points out that the index is up nearly +28% since the October low, marking one of the strongest 21-week rallies since 1950.

• Similar thrusts have led to further gains, as the chart shows. You could argue that 1999 was a lousy signal, but $SPX still rose +19% before peaking 15 months later.

The takeaway: The market has momentum at its back right now. It might feel like stocks have gone too far too fast, but history shows us that strength often leads to more strength.