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Thursday, March 28, 2024

S&P 500: Down for the Day, But Well Off the Low

Courtesy of Doug Short

The S&P 500 closed the day down only 0.60% after an intraday decline of 1.37%. It has again slipped below its 50-day moving average. The index is 91.6% above the March 9 2009 closing low, which puts it 17.2% below the nominal all-time high of October 2007.

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.

For a bit of international flavor, here’s a chart series that includes an overlay of the S&P 500, the Dow Crash of 1929 and Great Depression, and the so-called L-shaped “recovery” of the Nikkei 225. I update these weekly.

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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