Chart of the Day - Friday, October 18, 2024

🏆  Today's Chart of the Day was shared by @CyclesFan.
 

• The S&P 500 gained +0.85% this week, closing at another all-time high. It has risen for six consecutive weeks and nine of the past ten. 
   
• @CyclesFan points out the S&P 500 has had six other six-week winning streaks in the past decade. The seventh week has been a coin toss, with three instances closing higher and three closing lower. 
   
• Winning streaks are somewhat trivial, but this six-week winning streak has occurred during the weakest time of year for the S&P 500. 
   

Takeaway: The S&P 500 closed higher for the sixth consecutive week. The last six-week streak, in 2023, persisted for another three weeks. However, the seventh week has historically been a coinflip over the past decade.