Today's close will make 266 trading days since a 2% down day. 3rd time this century for a run > 250. Some of these historical runs have continued for more than 500 and even 700 consecutive trading days. Crossing above 250 has seen SPX higher 93% or 14 of the last 15 times. pic.twitter.com/aoBvlhnVjr
— Louis Spector, CMT (@EastCoastCharts) March 13, 2024
🏆 Today’s Chart of the Day was shared by Louis Spector (@EastCoastCharts).
- The S&P 500 hasn’t had a -2% down day in over a year. 266 trading days, to be more exact.
- That might sound unsustainable, but Louis points out that this streak could last 2x or 3x longer before breaking any records.
- This has happened 15 times since 1950 (over 250 trading days without a -2% down day). Seven made it past 500 trading days, and four made it past 700 trading days. The index was almost always higher one year later (14 of 15 times), with one notable exception.
The takeaway: It’s been over a year since the S&P 500 fell -2% in a day. That might sound unsustainable, but history shows this can continue much longer.