New highs expanded every day this week.
Defensives (Consumer Staples & Utilities) finished at new relative lows.
The S&P 500 has risen 1% or more for 5 weeks in a row (for only 12th time in 75 years).
Bull market behavior persists: https://t.co/lOwtstOhPp pic.twitter.com/vd2SHkqGT1
— Willie Delwiche, CMT, CFA (@WillieDelwiche) 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.”