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Thursday, March 28, 2024

S&P 500 Snapshot: The Tuesday Takeoff

Courtesy of Doug Short.

The S&P 500 surged at the open, accelerated into the midday hour and then coasted through the afternoon to a closing gain of 1.55%, the second best daily advance of 2012. The index is now back above its 50-day moving average and again in double-digit year-to-date territory at 10.59%, which is only 1.99% off its interim closing high set ten sessions ago.

From an intermediate perspective, the S&P 500 is 105.6% above the March 2009 closing low and 11.1% below the nominal all-time high of October 2007.

Below are two charts of the index, with and without the 50 and 200-day moving averages.


 

 

 

 

For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.

These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.

 

 

 

 

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