Courtesy of Doug Short
The S&P 500 closed the month of May 1.35% below the April close. However, all three S&P 500 monthly moving averages we’ve been tracking are signaling an equities position. See the specifics here.
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.